Main Takeaways:
-
Binance Labs has invested in Corn, the first super yield network built around Bitcoin.
-
This investment underscores Binance Labs' dedication to championing early-stage innovation with meaningful and sustainable impact.
Binance Labs, the venture capital and incubation arm of Binance, has invested in Corn, the first super yield network built around Bitcoin. Corn is an Ethereum Layer 2 network focused on establishing a decentralized finance (DeFi) hub for Bitcoin.
Corn has introduced BTCN, a hybrid tokenized Bitcoin that enhances Bitcoin's use in DeFi. BTCN incorporates multiple custodians, smart contracts, and bridging protocols, providing a more secure, scalable, and versatile solution. This hybrid approach ensures Bitcoin holders can manage their assets according to their risk preferences while utilizing them across various DeFi applications.
All network-level yields are redirected to users and protocols. By staking CORN to receive popCORN, stakers control the distribution of two continuous yield streams: BTCN (from network transaction fees) and CORN (from native network emissions) to app users on the network. This helps foster a vibrant ecosystem so people can finally put their Bitcoin to work.
This investment marks Corn’s first fundraising round. With the new capital, Corn plans to expand its ecosystem by onboarding builders and projects, including establishing a dedicated incubator, hosting developer competitions. They are also working towards their mainnet launch.
“Binance Labs is committed to championing early-stage innovation that delivers meaningful and sustainable impact. We look forward to supporting Corn as they develop a utility-driven ecosystem centered around Bitcoin, enabling it to be more effectively and efficiently utilized in DeFi,” said Yi He, Co-Founder of Binance and Head of Binance Labs.
“We’re excited to have an industry leader like Binance Labs join our initial fundraising round and support our mission of making it easy for people to finally use their corn. Their investment further validates that the time is now to start unlocking Bitcoin and introduce a vibrant ecosystem with a ton of utility for BTC,” said Chris Spadafora, Founder of Corn.
