Polychain Capital Leads $6.7M Investment Into New Bitcoin-Centric Yield-Generating Network Corn

Corn launched on Aug. 19 with the goal of enhancing the utility of the world's first cryptocurrency and introducing new yield-generating opportunities.

Polychain Capital Leads $6.7M Investment in Bitcoin-Centric Yield Network Corn

Venture capital firm Polychain Capital led a $6.7 million funding round for Corn, a new Ethereum ( ETH ) layer-2 (L2) network that uses a tokenized version of Bitcoin ( BTC ) for gas fees and economic incentives on the network.

Corn launched on Aug. 19 with the goal of enhancing the utility of the world’s first cryptocurrency and introducing new yield-generating opportunities, according to Chris Spadafora, the founder of Corn and BadgerDAO.

“Corn is a new Ethereum L2 that uses BTC as gas and has a network token that accrues value from the network,” Spadafora told Cointelegraph, adding that the new L2 is designed to be fully permissionless and trustless.“The L2 is designed to be fully permissionless and trustless, with a focus on network effects and composability.”

The seed funding round was led by Polychain Capital and included participation from some of the most notable crypto venture capital firms, such as Binance Labs, Framework Ventures, OKX Ventures, HTX, Ventures and Relayer Capital.

The new yield-generating protocol will use the funds to expand its team, develop the protocol and integrate with other decentralized applications (dApps).

“The funds will be used to grow the Corn team, continue developing the protocol and integrate with other dApps in the ecosystem,” said Spadafora.

Corn's native token, BTCN, is a fully synthetic token that is pegged to the price of BTC and designed to be used for gas fees and other network incentives on Corn.

According to Spadafora, BTCN is not a derivative of BTC and is fully native to the Corn network, with the token being used to pay for transactions, decentralized application (dApp) deployments and interactions on Corn.

“It is important to note that BTCN is not a derivative of BTC and is fully native to the Corn network,” the Corn founder noted.

“The token is used to pay for transactions, dApp deployments and interactions on Corn. It can also be used to participate in governance and other network activities.”

Corn aims to build a network-wide “Crop Circle” that aligns users, apps and tokenholders within a unified ecosystem united by the tokenized BTCN.

“We are excited to see how the community will use Corn to build and deploy new applications and use cases,” Spadafora added.

“Corn is designed to be a network for the community, and we are eager to see what the future holds.”

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