Ethereum Layer 2 Network, Corn, Successfully Secures $8.3 Million in Token Funding from Polychain, Laser Digital, and Other Investors
Corn, an innovative Ethereum Layer-2 (L2) network, has successfully secured $8.3 million in a recent token funding round. The round was led by Polychain Capital and included participation from notable venture capital firms such as Binance Labs, Framework Ventures, ABCDE, Symbolic Capital, HTX Ventures, and Relayer Capital.
The funding round marked a significant milestone for Corn, which emerged from stealth just four months ago. The network is designed to facilitate staking and DeFi services for Bitcoin by using a hybrid token called BTCN, which is backed 1:1 by Bitcoin. This unique approach allows Corn to blend Bitcoin's liquidity and security with Ethereum's scalability and programmability.
BTCN serves as the native gas token on Corn's rollup, enabling users to pay fees with Bitcoin-backed tokens and supporting broader BTCFi use cases like lending, borrowing, and trading. Corn is part of the emerging "Bitcoin Supercharged Networks" (BSNs) ecosystem developed by Babylon Labs, which aims to enhance economic security and increase DeFi activity on L2s.
Interestingly, the fundraising round did not involve a repetition of earlier investors, such as Babylon, Nomura's Laser Digital, Presto, Tribe Capital, Hypersphere, Amber, and Tandem by Offchain Labs. Instead, the round attracted interest from over 4,200 investors, although it was not oversubscribed. Over 675 of these investors were crypto community members who participated on the same terms as the venture capital firms.
Corn's fundraising approach is focused on cultivating a loyal and effective group of early-stage investors at scale. The company plans to use the fresh capital to further develop and grow the Corn L2 network, with a particular focus on integrating Bitcoin into the DeFi ecosystem using BTCN as its gas token.
The fundraising event took place on the X platform, although it's worth noting that the fundraising round itself did not occur on the X platform. Corn's hybrid approach of using a tokenized Bitcoin for gas fees is a testament to its commitment to bridging the gap between the Bitcoin and Ethereum ecosystems, and this funding round is a clear indication of investor confidence in its vision.
The recent funding round for Corn's L2 network attracted over 4,200 investors, including 675 crypto community members, demonstrating an interest in DeFi activities on L2s. With the raised funds, Corn plans to integrate Bitcoin further into the DeFi ecosystem using BTCN as its native gas token, ultimately blending technology and finance for investing opportunities within the community news of the emerging Bitcoin Supercharged Networks.
