Polychain Leads $6.7M Funding Round for Bitcoin-Centric Yield Network Corn

August 22, 2024 09:30 PM AEST | By Team Kalkine Media

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Polychain Leads $6.7M Funding Round for Bitcoin-Centric Yield Network Corn — Image source: Shutterstock

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Corn aims to leverage Bitcoin's substantial liquidity to enhance decentralized finance (DeFi) applications with a new Ethereum layer-2 (L2) network. Polychain Capital has backed this initiative with a $6.7-million investment in Corn, a platform that integrates a tokenized version of Bitcoin, known as BTCN, for transaction fees and economic incentives.

Corn seeks to increase the utility of Bitcoin by creating new yield-generating opportunities. The platform allows users to bridge native Bitcoin, utilize tokenized Bitcoin, or leverage Bitcoin secured by trusted custodians. Chris Spadafora, founder of Corn and BadgerDAO, emphasized that Corn’s approach provides a comprehensive solution for incorporating Bitcoin into DeFi without limiting users to a single option.

The platform’s design involves generating yield through a combination of native token emissions and transaction fees. Unlike many yield-generating protocols, Corn does not set a fixed yield rate. Instead, the yield percentage will be influenced by the growth of the ecosystem and participant engagement through Corn’s flywheel mechanism.

Corn aims to tap into Bitcoin (BTC) $1.1-trillion market capitalization, unlocking a significant amount of liquidity for DeFi applications. The initiative has garnered support from prominent crypto firms such as Binance Labs, Framework Ventures, HTX Ventures, and Relayer Capital, signaling strong interest in its potential.

In the broader context of the 2024 bull cycle, which has seen the emergence of various yield-generating opportunities, Corn’s approach reflects an evolving landscape of decentralized finance. This follows the success of Ethena’s USDe synthetic dollar, which, despite concerns over yield sustainability, became a leading decentralized application in terms of revenue generation.

By creating a unified ecosystem with its tokenized BTCN, Corn seeks to align users, applications, and tokenholders, aiming to build a robust network that capitalizes on Bitcoin's liquidity while fostering growth and participation.

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