Polychain Leads $6.7M Investment in New Bitcoin-centric Product Network Corn
Polychain Capital announced a $6.7 million investment into its new Bitcoin Hub, a production network.
The new Ethereum layer-2 (L2) network, which received an investment of 6.7 million dollars, uses Bitcoin (BTC) in a tokenized version for gas payments and economic incentives on the network, BTN.
According to Chris Spadafora, founder of Maize and BadgerDAO, Maize was launched on August 19 to promote the use of the world's first cryptocurrency and to introduce new product opportunities.
He told Cointelegraph.
“By aligning network participants with the power of SuperYield Farm, securing the underlying token service and putting Bitcoin in the driver's seat, Maize is definitely not just another vanilla blockchain startup.”
The 2024 bull cycle has seen a number of new product-oriented opportunities open up for crypto investors. In February, Athena's US dollar synthetic dollar was launched with an annual percentage yield of 27.6%.
Despite widespread concerns over the sustainability of the high yield, Athena surpassed $6.8 million in daily revenue on March 8, becoming the top-grossing decentralized app in crypto.
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CornBTN can unlock Bitcoin's liquidity for DeFi.
With a market capitalization of more than $1.1-trillion, Bitcoin holds a large amount of locked-in liquidity that can benefit new decentralized finance (DeFi) segments.
According to Spadafora, unlocking Bitcoin's trillion-dollar liquidity is one of the biggest goals of the Corn Protocol.
“BTCN Unlocks Bitcoin Liquidity for DeFi. Users can bridge native BTC, use existing tokenized BTC, and/or use BTC with an already trusted custodian. For the first time, it is not a decision of one or the other,” he said.
The new product-generating protocol has received investment from some of the most prominent crypto companies, including Binance Labs, Framework Ventures, HTX, Ventures, and Relayer Capital.
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How does corn produce?
Corn's goal is to build a network-wide “crop circle” that connects users, applications, and tokens in a unified ecosystem of BTCN.
In order to create a sustainable production protocol, Maize will primarily generate revenue from generational token issuances and transaction fees, Spadafora explained.
“Production comes from the emission of COORN from each block of the chain, the bribes of corn stakeholders from external parties who want their voting weight to be directed in a certain way, and finally from the network in the form of transaction fees. Redistribution of BTCN to Corn Shareholders.
Unlike most yielding protocols, corn was started with no fixed yield. The percentage of production depends mainly on the development of the ecosystem and the number of participants of the protocol on the corn flywheel mechanic.
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