In the latest crypto news, Polychain Capital has made a $6.7 million investment in Corn, a new Ethereum layer-2 (L2) network that leverages Bitcoin as its primary driver for gas fees and economic incentives, represented by the BTCN token.
Corn, which launched on Aug. 19, aims to increase the utility of Bitcoin by introducing innovative yield-generating opportunities.
Corn’s founder, Chris Spadafora, also known for his role at BadgerDAO, emphasized that Corn is designed to bring new life to Bitcoin within decentralized finance (DeFi). The protocol offers participants the ability to bridge native Bitcoin, use tokenized Bitcoin, or leverage Bitcoin secured with a trusted custodian, unlocking the potential of Bitcoin’s $1.1 trillion market capitalization. Spadafora cited:
By aligning network participants through the power of Super Yield Farming, ensuring foundational token utility, and putting Bitcoin in the driver seat, Corn is definitely not just another vanilla chain launch.”
According to the latest news in cryptocurrency, Corn has attracted investment from major crypto firms such as Binance Labs, Framework Ventures, OKX Ventures, HTX Ventures, and Relayer Capital. The network is also focused on building a “Crop Circle,” an ecosystem that aligns users, applications, and tokenholders around BTCN.
Corn’s yield mechanism will be driven by native token emissions, transaction fees, and external incentives, all of which are redistributed to Corn stakers.
However, unlike traditional protocols with fixed yields, Corn’s yield will be dynamic, influenced by the ecosystem’s growth and participant engagement through its flywheel mechanic.
This investment comes amid a broader trend of yield-generating opportunities within the crypto space, including Ethena’s USDe synthetic dollar, which launched in February with a 27.6% annual percentage yield and quickly became one of the highest-earning decentralized applications.
