Corn Secures $8.3M to Bridge Bitcoin and DeFi on Ethereum Layer 2
- Ethereum Layer 2 network Corn raised $8.3M in a community funding round to drive Bitcoin integration into the DeFi ecosystem.
- Corn plans to introduce BTCN, a tokenized Bitcoin, and CORN, a governance token, while utilizing Arbitrum and LayerZero for scalability.
Corn, an Ethereum Layer 2 network focused on integrating Bitcoin into decentralized finance (DeFi), has raised $8.3 million through a community funding round.
The funding was facilitated by Legion, a compliant token sale platform, and attracted 675 investors, including notable venture capital firms such as Polychain, Amber, GSR, Presto, and Laser Digital.
Holy Shuck! 🌽 Corn has raised $8.3 million in a community funding round on @legiondotcc where 675 new investors joined forces to make Bitcoin the most dominant and liquid asset in DeFi.
— corn (@use_corn) January 22, 2025
When we said we would run it back, we meant it... 🧵⬇️ pic.twitter.com/Ja21GAt991
The funding round was oversubscribed, with demand outstripping supply by a factor of seven, as over 4,200 investors expressed interest. Corn emphasized that both venture capital firms and community participants were offered the same investment terms.
Corn's primary goal is to enhance Bitcoin’s role in DeFi by introducing BTCN, a tokenized Bitcoin backed 1:1 by native Bitcoin. Unlike traditional solutions, BTCN is designed to avoid reliance on a single custodian or bridging mechanism. Additionally, Corn plans to use BTCN as a gas token to facilitate transactions on its network.
The network will also launch its native token, CORN, which follows a veTokenomics model. CORN holders will be incentivized to lock their tokens in exchange for governance rights and revenue-sharing opportunities. Staked CORN will yield popCORN, enabling users to direct rewards toward network applications.
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Corn’s technical infrastructure is built on Arbitrum’s Nitro Stack, a Layer 2 scaling solution, and LayerZero, which ensures interoperability across blockchains. To enhance security, the network will integrate with Babylon’s restaking protocol.
This latest funding follows Corn’s $6.7 million seed round in August 2024, led by Polychain Capital with participation from Binance Labs and Framework Ventures. That earlier round aimed to support the development of Corn’s ecosystem.
Commenting on the recent funding, Corn stated:
“The overwhelming response to our community round reflects a strong interest in Bitcoin’s deeper integration into DeFi.”
Corn is not yet fully operational but aims to establish itself as a key player in the DeFi space by leveraging Bitcoin’s liquidity and Ethereum’s scalability.
Edited by Harshajit Sarmah
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