Corn raised $8.3 million in community funding to drive the use of Bitcoin on Ethereum Layer 2
Summary
According to The Block, the Ethereum Layer 2 network Corn raised $8.3 million in a community funding round.This funding round was conducted through a compliant token sale platform, Legion, with a total of 675 investors participating, including venture capital and investment firms such as Polychain, Amber, GSR, Presto, and Laser Digital.Corn noted that venture capital firms and community investors participated in the financing on the same terms. The funding round was oversubscribed, with demand exceeding supply by seven times, attracting interest from over 4,200 investors.Although it is not yet fully operational, Corn aims to deepen the integration of Bitcoin in the decentralized finance (DeFi) ecosystem through a new hybrid token version, BTCN, planning to use Bitcoin as a fuel token.BTCN is Corns tokenized Bitcoin, backed 1:1 by native Bitcoin, and is not limited by a single custodian or bridging solution.Corn will also launch a native token, CORN, to incentivize users and developers. Based on veTokenomics, Corns operational model requires users to lock their tokens to gain governance rights and participate in profit sharing. Users can stake CORN to earn popCORN, thus gaining governance rights and directing profits to network applications.In August 2024, Corn announced the completion of a $6.7 million seed funding round led by Polychain Capital, with participation from other notable investors such as Binance Labs and Framework Ventures, aimed at promoting the launch of the Corn ecosystem.Corn is built on Arbitrums Nitro Stack, leveraging LayerZero for interoperability and ensuring its security through integration with Babylons re-staking protocol.