Corn, a new Bitcoin-as-gas-token L2 announces $6.7M seed round led by Polychain Capital, along with Binance Labs and Framework Ventures

Corn, an Ethereum Layer-2 network that uses Bitcoin as its gas token, has announced a $6.7 million seed round led by Polychain Capital, with participation from Binance Labs, Framework Ventures, and other investors. The funding, disclosed around Aug. 20, 2024, is intended to support the launch and growth of Corn’s Bitcoin-centric DeFi ecosystem, positioning it as a novel L2 that connects Bitcoin liquidity to Ethereum’s application layer. Corn is built as an Orbit Stack-based L2 and uses a hybrid tokenized Bitcoin asset called BTCN (Bitcorn) as the gas token, backed 1:1 by native BTC but designed to avoid dependence on a single centralized custodian or bridge. By allowing BTC holders to pay gas and participate in DeFi with tokenized Bitcoin rather than ETH, Corn aims to enhance Bitcoin’s utility while preserving its monetary role. The protocol also introduces a “Super Yield” and “Crop Circle” incentive design, plus veTokenomics-inspired mechanics via its CORN and popCORN staking system, in an effort to better align users, developers, and liquidity providers over the long term. This funding round matters because it highlights growing investor interest in BTCFi and cross-asset designs that anchor Ethereum-based DeFi to Bitcoin as a base asset. With backing from major venture firms and exchanges’ investment arms, Corn enters a competitive L2 landscape with a differentiated model focused on Bitcoin-backed gas and incentive structures intended to tackle common issues such as liquidity stickiness, token utility, and developer commitment.

✨ AI-generated background, compiled from web sources — not editorial content.

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