Corn raises $8.3 million in community funding to push Bitcoin’s use on its Ethereum Layer 2

Corn raises $8.3 million in community funding to push Bitcoin’s use on its Ethereum Layer 2

Reported by The Block: Corn, an Ethereum Layer 2 network, raised $8.3 million in a community funding round.

The round involved 675 investors alongside venture capital and investment firms.

Corn, an Ethereum Layer 2 network aiming to utilize Bitcoin within the decentralized finance ecosystem, has raised $8.3 million in a community funding round.

The round was raised through a compliant token sale platform called Legion and involved 675 investors alongside venture and investment firms, including Polychain, Amber, GSR, Presto, Laser Digital, and others.

Corn noted that VCs and community investors participated on the same terms. The funding round was oversubscribed, with demands exceeding the supply by seven times, drawing interest from over 4,200 investors.

While it's not fully operational yet, Corn aims to deepen Bitcoin's integration into the DeFi ecosystem by using it as a gas token through a new hybrid tokenized version called BTCN.

BTCN will be Corn’s tokenized Bitcoin that is backed 1:1 by native bitcoin and is not limited by a single custodian or bridging solution.

Corn will have its native token, CORN, to incentivize users and developers. Based on veTokenomics, Corn’s operating model requires users to lock their tokens to gain governance rights and participate in revenue sharing. Here, users can stake CORN to acquire popCORN, granting them governance rights and the ability to direct yields to network applications.

In August 2024, Corn announced a $6.7 million seed funding round led by Polychain Capital, with participation from notable investors like Binance Labs, Framework Ventures, and others. This round was aimed at facilitating the launch of the Corn ecosystem.

Corn is built on Arbitrum’s Nitro Stack — a Layer 2 scaling solution — and utilizes LayerZero for interoperability. Corn also secures itself by integrating with the restaking protocol Babylon.

Source

Layer 2

Ethereum

Related News
Interchain Labs launches IBC Eureka to connect Ethereum to the Cosmos ecosystem Interchain Labs launches IBC Eureka to connect Ethereum to the Cosmos ecosystem
Ethereum edges closer to deploying Pectra on mainnet with successful upgrade on Hoodi testnet Ethereum edges closer to deploying Pectra on mainnet with successful upgrade on Hoodi testnet
Ethereum developers to end support for Holesky testnet in September Ethereum developers to end support for Holesky testnet in September
Ethereum devs activate Pectra upgrade on Sepolia testnet in last phase before mainnet rollout Ethereum devs activate Pectra upgrade on Sepolia testnet in last phase before mainnet rollout
Bybit hackers move over half the stolen ETH onto Bitcoin, largely using ThorChain Bybit hackers move over half the stolen ETH onto Bitcoin, largely using ThorChain
Latest News More More
8 Hours Ago Citigroup predicts stablecoin supply could hit $3.7 trillion by 2030
8 Hours Ago Ark Invest raises 2030 bull-case bitcoin price projection to $2.4 million on 'aggressive' modeling
1 Day Ago Zora airdrop triggers confusion as token launches without announcement, requires users claim manually
2 Days Ago pot bitcoin ETFs see $936 million inflows as 'safe haven' narrative strengthens
2 Days Ago Binance South Africa to require information on senders and recipients for local compliance
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open