Preface

With the birth of the BTC ecosystem and the successive launch of Ethereum Layer 2 in this bull market, more and more projects on the market are beginning to explore new technologies and models. Corn, as a hot project recently invested by Binance, has quickly attracted the attention of a wide range of players with its innovative mechanism of using Bitcoin as Layer 2 Gas. This article will introduce in detail the background, technical features of the Corn project and how to participate in its airdrop strategy.

What is Corn? Project background introduction

Corn is a Layer 2 blockchain project based on Ethereum. Its biggest feature is the use of Bitcoin (BTC) as gas fee. This allows Corn to create more application scenarios for Bitcoin in the Ethereum ecosystem and expand the liquidity of BTC.

Investment background introduction

On August 20, Corn completed a US$6.7 million seed financing led by Polychain Capital, with participation from many well-known investment institutions such as Binance Labs, Framework Ventures, and ABCDE. This round of financing also received support from many outstanding founders and investors in the Web3 field. Support from builders such as Polygon's Sandeep Nailwal, Berachain's Smokey and Papa Bear, and Taproot Wizards' Udi Wertheimer, among others.

Compared with Babylon, the largest DeFi protocol in the BTC ecosystem, the seed round financing amount is 8 million US dollars, so Corn’s seed round raised 6.7 million US dollars, which is already very extraordinary! It not only provides strong financial support for Corn, but also demonstrates the project’s broad market recognition in the blockchain and DeFi ecosystem. Corn enhances the liquidity of Bitcoin through its unique mechanism and provides users with more efficient and sustainable income opportunities.

Corn’s technical features

• Bitcoin-core Layer-2 network
  Corn is an Ethereum Layer-2 network with Bitcoin at its core, aiming to use hybrid tokenized Bitcoin ($BTCN) as the Gas token and redistribute network revenue to users and protocols. This design allows Bitcoin to play a greater role in the decentralized finance (DeFi) ecosystem and provide greater capital efficiency.

• 1:1 Linked Hybrid Tokenization Bitcoin ($BTCN)
  Corn’s $BTCN is the first tokenized Bitcoin that is 1:1 linked to native Bitcoin, and is supported by multiple trusted custodians, smart contracts, and cross-chain protocols. This flexible coinage design not only improves Bitcoin’s transparency and security, but also accommodates the evolution of Bitcoin storage solutions and cross-chain technology.

• Innovative Super Yield Network
  Corn has built an innovative mechanism called "Crop Circle" to incentivize users and developers through yield farming and veTokenomics (pioneered by Curve Finance). $CORN holders can decide the proportion of $CORN issuance that each application receives, thereby promoting the long-term development of the application and the prosperity of the ecosystem.

• community-driven development model
  Corn emphasizes community engagement and has set up a Corn-native bribery market to enable $CORN holders to facilitate liquidity provision by accepting incentives from the application. This model encourages users to participate in the development of the ecosystem and enables developers to better incentivize their users to participate in the use of new features or capabilities.

Airdrop strategy sharing

Airdrop points inquiry

According to the official airdrop rules, users who meet the airdrop qualifications can receive a fixed reward of 4.8 million Kernels (points).

The snapshot time is from Ethereum block number 20292773 at 4:20 pm Eastern Time on July 12, 2024, covering more than 1 million addresses. The detailed conditions are as follows.

• Eligible EVM addresses

Project Name Conditions Maker/Spark holds at least 0.01 sDAI for three months (within one year before July 12, 2024) Ethena pledges USDe to obtain SUSDeEther.fi holds at least 0.01 eETH or weETH for two months (within the six months before July 12, 2024 Within months) Kelp holds rsETH on Mainnet and Arbitrum or trades on Pendle for one of the top 500 LP providers Pendle or provides liquidity for accepted Silo assets (within one year before July 12, 2024) vePendle stakes PENDLE with Obtain vePENDLE (within one year before July 12, 2024) Galxe has pledged at least 300 since Galxe was listed. GALSpark uses WBTC as collateral to borrow wBTC and holds at least 1 WBTC (within one year before July 12, 2024) Arbitrum before July 12, 2024 Bridge from Mainnet to Arbitrum using native bridge within one year

• Eligible BTC addresses

Project Name Conditions Babylon participates in Babylon's Staking Testnet 3Babylon participates in Babylon's Staking Testnet 4Thorchain Exchange at least $100 of native BTC on Thorchain, or use the savers function, or provide liquidity
(Within one year before July 12, 2024)

How to participate in Corn?

In addition to participating in the Galxe Galaxy Mission, players can also obtain points through the "invitation system" or "pledge". The following are the staking steps on the official page.

Additional instructions:

• The invitation code can be found on the official DC channel and the official Twitter message, and many players will share it.

• Corn does not have a lock-up mechanism, so you can withdraw it at any time after depositing without any additional penalties.

Conclusion

Finally, here is the actual measured data of my partners as a reference: "Take BTCN, which has the highest staking reward multiplier, as an example. If you pledge 1000U, you will get about 14,000 points per day." Compared with an address that is eligible to receive an airdrop, it will directly give 480 Ten thousand points means that it takes about 340 days to pledge. The author believes that the point rewards pledged by this project have a low CP value for users with small funds, and the points given by the Galaxy Mission are only a few thousand points, and they also cannot eat meat.

Therefore, if the petty bourgeoisie wants to participate, the author would suggest participating in Corn with a "low-income guarantee, multiple accounts, weight rather than quality" approach, so that every address can participate in Corn staking, and may be able to obtain some early airdrop rewards. For example, in Babylon's original test network stage, if you have interacted on Babylon's test network, you can airdrop the Babylon Pass card (worth 150U at the time). After all, this project is still worth participating in terms of the financing amount and participating institutions!

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