According to BlockBeats, Polychain Capital has announced an investment of $6.7 million in Corn, a new Ethereum Layer 2 network focused on generating yields with Bitcoin. The announcement was made on August 19, 2024, as reported by Cointelegraph.
Corn utilizes a tokenized version of Bitcoin, referred to as BTCN, for its gas fees and economic incentives. This innovative approach aims to enhance the utility of Bitcoin, the world's first cryptocurrency, by integrating it into the Ethereum ecosystem. The network's launch on August 19, 2024, marks a significant step in providing new yield-generating opportunities for users.
Chris Spadafora, the founder of Corn and BadgerDAO, highlighted that the primary goal of Corn is to improve Bitcoin's functionality and introduce novel ways for users to earn returns. This investment by Polychain Capital underscores the growing interest in leveraging Bitcoin within decentralized finance (DeFi) platforms and expanding its use cases beyond traditional transactions.
