{"id":90276,"date":"2024-08-19T09:54:06","date_gmt":"2024-08-19T13:54:06","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=90276"},"modified":"2024-08-19T09:54:14","modified_gmt":"2024-08-19T13:54:14","slug":"polychain-invests-6-7m-in-corn","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/polychain-invests-6-7m-in-corn\/","title":{"rendered":"Polychain Invests $6.7M in Bitcoin-centric Yield Network Corn"},"content":{"rendered":"\n

Polychain Capital <\/a>has disclosed a $6.7 million investment in a new yield-generating network called corn, which is Bitcoin-centric.<\/p>\n\n\n\n

\"Polychain
Polychain Invests $6.7M in Bitcoin-centric Yield Network Corn<\/figcaption><\/figure>\n\n\n\n

The new Ethereum layer-2 (L2) network, CornCorn, which is tickered BTCN, received a $6.7 million investment. The network utilizes a tokenized version of Bitcoin for gas fees and economic incentives.<\/p>\n\n\n\n

Chris Spadafora, the founder of Corn and BadgerDAO, launched Corn on August 19 to improve the utility of the world's first cryptocurrency and introduce new yield-generating opportunities.<\/p>\n\n\n\n

He disclosed to Cointelegraph:<\/p>\n\n\n\n

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\u201cBy aligning network participants through the power of Super Yield Farming, ensuring foundational token utility, and putting Bitcoin in the driver seat, Corn is definitely not just another vanilla chain launch.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

The 2024 bull cycle witnessed the emergence of various new yield-generating opportunities for crypto investors. In February, Ethena introduced its USDe synthetic dollar<\/a>, which boasts % annual yield of 27.6%.<\/p>\n\n\n\n

Ethena was the highest-earning decentralized application in crypto after eclipsing $6.8 million in daily cumulative revenue on March 8, despite widespread apprehension regarding the sustainability of the high yield.<\/p>\n\n\n\n

DeFi could access Bitcoin liquidity through Corn's BTCN<\/h2>\n\n\n\n

With a market capitalization of more than $1.1 trillion, Bitcoin has a substantial quantity of locked liquidity that could benefit emerging decentralized finance (DeFi) sectors.<\/p>\n\n\n\n

One of the primary objectives of the Corn protocol, according to Spadafora, is to unlock the trillion-dollar liquidity of Bitcoin.<\/p>\n\n\n\n

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\u201cThe BTCN unlocks the Bitcoin liquidity for DeFi. Users can bridge native BTC, use existing tokenized BTC and\/or leverage BTC already secured with a trusted custodian. For the first time, it's not a one or the other decision.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Some of the most renowned crypto firms, such as Binance Labs, Framework Ventures, OKX Ventures, HTX Ventures, and Relayer Capital, invested in the new yield-generating protocol.<\/p>\n\n\n\n

What is the process by which Corn produces yield?<\/h2>\n\n\n\n

Corn aims to establish a network-wide “Crop Circle” that unites users, applications, and stakeholders within a unified ecosystem defined by the tokenized BTCN.<\/p>\n\n\n\n

“Corn will primarily generate revenue from its native token emissions, as well as fees paid for transactions, to establish a sustainable yield-generating protocol\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>,” explained Spadafora.<\/p>\n\n\n\n

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\u201cYield comes from the native CORN emissions issued by the chain on a per block basis, the bribes Corn stakers receive from external parties that want their vote weight to be directed in a certain way, and finally the transaction fee from the network in the form of BTCN that are redistributed to Corn stakers.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Unlike most yield-generating protocols, corn did not commence with a predetermined yield. Corn's flywheel mechanic will determine most of the harvest percentage, contingent upon the ecosystem's expansion and the number of protocol participants.<\/p>\n","protected":false},"excerpt":{"rendered":"

Polychain Capital has disclosed a $6.7 million investment in a new yield-generating network called corn, which is Bitcoin-centric. The new Ethereum layer-2 (L2) network, CornCorn, which is tickered BTCN, received a $6.7 million investment. The network utilizes a tokenized version of Bitcoin for gas fees and economic incentives. Chris Spadafora, the founder of Corn and […]<\/p>\n","protected":false},"author":12,"featured_media":90291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[21361,5453,21362],"class_list":["post-90276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-corn","tag-polychain-capital","tag-yield-network"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/polychaun.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=90276"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/90291"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=90276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=90276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=90276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}