KEY TAKEAWAYS
- OKX Ventures invests in Corn to enhance Bitcoin utility within the Ethereum ecosystem.
- Corn introduces BTCN, a hybrid tokenized Bitcoin, as a gas token on Ethereum Layer 2.
- The network supports Bitcoin Liquid Staking Tokens, promoting DeFi engagement for BTC holders.
- Corn’s staking program, popCORN, incentivizes community participation and ecosystem growth.
OKX Ventures has announced an investment in Corn, marking a significant development in integrating Bitcoin utility within the Ethereum ecosystem. This strategic move aims to leverage Corn’s capabilities, powered by Arbitrum and integrated with Coinbase, to provide BTC holders with seamless access to Ethereum’s decentralized finance (DeFi) landscape.
Corn has achieved notable milestones by becoming the first Ethereum Layer 2 network to utilize a hybrid tokenized Bitcoin, known as BTCN, as its gas token. This innovation allows Bitcoin holders to engage with Ethereum DeFi while maintaining the intrinsic value of their BTC. The network is also recognized as the first Bitcoin-secured network by Babylon, offering liquidity support for Bitcoin Liquid Staking Tokens (LSTs).
At the core of Corn’s offering is BTCN, a hybrid tokenized Bitcoin backed 1:1 by native BTC. This approach enables users to bridge their Bitcoin into the Ethereum ecosystem with a straightforward one-click process, facilitating participation in DeFi activities while using BTC for gas fees.
The development of Corn’s ecosystem is further supported by its staking program through CORN tokens, known as popCORN. This initiative encourages community involvement by directing yield to ecosystem applications, promoting sustainable growth and active participation in the network’s evolution.
For more details on this investment, visit the official announcement here.
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