TL;DR
- Corn, an Ethereum Layer 2 network, raised $8.3 million in a community funding round with 675 investors.
- It will introduce BTCN, a token backed 1:1 by Bitcoin, and CORN, its native token to incentivize participation.
- The round was oversubscribed sevenfold, with over 4,200 interested participants and support from firms like Polychain, Amber, and GSR.
Corn, a platform built on Ethereum’s Layer 2 scaling solution, raised $8.3 million in a community funding round that attracted 675 investors, including venture capitalists and firms like Polychain, Amber, and Laser Digital. This round, conducted through the Legion funding platform, marked a milestone by offering equal investment terms for institutional and community investors. The initiative aimed to democratize access to early-stage crypto projects, fostering a sense of inclusivity and encouraging broader participation within the growing blockchain ecosystem.
The enthusiasm for the project surpassed expectations. While the initial target was $8.3 million, demand skyrocketed to $698 million, highlighting the widespread interest in Corn’s vision. According to Corn co-founder Chris Spadafora, this strategy avoided traditional methods like airdrops and liquidity mining, prioritizing active community participation instead.
Corn’s key innovation is BTCN, a hybrid token backed 1:1 by native Bitcoin. This eliminates centralized intermediaries and enhances usability in the DeFi ecosystem. In addition, Corn will launch its native token, CORN, which operates under a veTokenomics model. This incentivizes users and developers to actively participate in governance and share network revenues. By locking CORN, participants can acquire popCORN, a governance token granting rights over the yields generated by the network.
Corn’s Future and Ecosystem Impact
Corn also stands out for its technical capabilities, built on Arbitrum’s Nitro Stack and the LayerZero interoperability protocol. Secured with Babylon’s restaking protocol, Corn positions itself as a bridge between Bitcoin and Ethereum for the DeFi ecosystem, enhancing cross-chain functionality and promoting seamless integration. The success of this community funding round reflects a growing trend toward more inclusive and decentralized funding models.
In August 2024, Corn previously raised $6.7 million in a seed funding round led by Polychain Capital, with participation from Binance Labs and Framework Ventures. This impressive track record highlights Corn’s potential to transform the interaction between Bitcoin and Ethereum, two giants in the crypto industry.
With strong community backing and collaboration from prominent investors, Corn promises to be a catalyst for adopting Bitcoin as a core resource within the DeFi ecosystem, driving innovation, scalability, and challenging traditional financial models.
