{"id":300522,"date":"2024-08-22T09:49:14","date_gmt":"2024-08-22T09:49:14","guid":{"rendered":"https:\/\/www.techopedia.com\/?p=300522"},"modified":"2024-08-22T09:49:14","modified_gmt":"2024-08-22T09:49:14","slug":"corn-l2-brings-bitcoin-defi-to-life-with-btc-gas-fees","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/corn-l2-brings-bitcoin-defi-to-life-with-btc-gas-fees","title":{"rendered":"Corn L2 Brings Bitcoin DeFi to Life With BTC Gas Fees"},"content":{"rendered":"<p>An increasing number of projects are working on bringing <a href=\"https:\/\/www.techopedia.com\/definition\/34630\/decentralized-finance-defi\">decentralized finance<\/a> (DeFi) to the trillion-dollar <a href=\"https:\/\/www.techopedia.com\/definition\/27193\/bitcoin-btc\">Bitcoin<\/a> (BTC) economy.<\/p>\n<p>So far, the crypto world has seen Bitcoin-related <a href=\"https:\/\/www.techopedia.com\/definition\/layer-two-l2\">layer two<\/a> (L2) chains, bridging infrastructure, <a href=\"https:\/\/www.techopedia.com\/definition\/wrapped-crypto-tokens\">wrapped tokens<\/a>, and <a href=\"https:\/\/www.techopedia.com\/definition\/staking-blockchain-staking\">staking<\/a> models. However, no project can claim to have found product-market fit just yet.<\/p>\n<p>The latest entrant to join this crypto gold rush is an <a href=\"https:\/\/www.techopedia.com\/definition\/32571\/ethereum-cryptocurrency\">Ethereum<\/a>-based layer two (L2) called Corn.<\/p>\n<p>Fresh off a <a href=\"https:\/\/blog.usecorn.com\/polychain-leads-6-7m-investment-into-corn-the-first-bitcoin-centric-super-yield-network-b063af2cb9ef\" target=\"_blank\">$6.7 million seed funding round<\/a>, Corn wants to &#8220;expand the usefulness of Bitcoin.&#8221;<\/p>\n<p>What is Corn, and does it have the potential to become a top Bitcoin DeFi project? Let&#8217;s find out.<\/p>\n<div class=\"su-note\"  style=\"border-color:#dddddd;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#F7F7F7;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<ul>\n<li>Corn is the first Ethereum L2 to use Bitcoin as gas fees.<\/li>\n<li>In August 2024, Corn raised $6.7 million in a seed funding round led by Polychain Capital.<\/li>\n<li>Minting of Corn&#8217;s wrapped bitcoin token BTCN is not permissionless.<\/li>\n<li>Corn follows Curve Finance&#8217;s veTokenomics, which aims to turn users into long-term participants.<\/li>\n<li>Technical details about Corn&#8217;s L2 have not been published yet.<\/li>\n<\/ul>\n<\/div><\/div>\n<div>\n    <section class=\"toc-sticky w-100 bg-white \">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\"\n                 aria-controls=\"multiCollapse1\"\n                 data-bs-target=\"#multiCollapse1\">\n                <button\n                        class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\"\n                >\n                    <i class=\"icon-chevron-up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n                <span class=\"toc-main-title-permanent\">Table of Contents<\/span>\n            <\/div>\n            <div\n                    class=\"collapse my-3\"\n                    id=\"multiCollapse1\"\n            >\n                <ol class=\"StepProgress\">\n                                                                        <li class=\"StepProgress-item current\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"key_takeaways\"\n                               onclick=handleScrollToTitle(\"key_takeaways\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Key Takeaways<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"what_is_corn_l2\"\n                               onclick=handleScrollToTitle(\"what_is_corn_l2\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">What Is Corn L2?<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"can_corn_become_the_top_bitcoin_defi_project\"\n                               onclick=handleScrollToTitle(\"can_corn_become_the_top_bitcoin_defi_project\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Can Corn Become the Top Bitcoin DeFi Project?<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"how_decentralized_is_corns_btcn_token\"\n                               onclick=handleScrollToTitle(\"how_decentralized_is_corns_btcn_token\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">How Decentralized Is Corn's BTCN Token?<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"how_to_become_eligible_for_the_corn_airdrop\"\n                               onclick=handleScrollToTitle(\"how_to_become_eligible_for_the_corn_airdrop\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">How to Become Eligible for the CORN Airdrop?<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"team_behind_corn\"\n                               onclick=handleScrollToTitle(\"team_behind_corn\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Team Behind Corn<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_bottom_line\"\n                               onclick=handleScrollToTitle(\"the_bottom_line\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The Bottom Line<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"faqs\"\n                               onclick=handleScrollToTitle(\"faqs\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">FAQs<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"references\"\n                               onclick=handleScrollToTitle(\"references\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">References<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                    <\/ol>\n                <div class=\"toc-sticky__container__disperse\"><\/div>\n                <div class=\"toc-sticky__btn-top justify-content-center\">\n                    <button class=\"btn btn-link d-flex align-items-center\" onclick={btnTop()}><p>Show Full Guide<\/p><img decoding=\"async\"\n                                src=\"\/wp-content\/plugins\/table-of-contents\/assets\/images\/arrow-up-circle.svg\"\n                                alt=\"arrow-up-circle\">\n                    <\/button>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n    <div class=\"toc-sticky-list\">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse2\" data-bs-target=\"#multiCollapse2\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\">\n                    <i class=\"icon-chevron-up up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n            <\/div>\n            <div  class=\"collapse my-3\" id=\"multiCollapse2\">\n                <ol class=\"StepProgress\">\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item current \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"key_takeaways\"\n                                   onclick=handleScrollToTitle(\"key_takeaways\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Key Takeaways<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"what_is_corn_l2\"\n                                   onclick=handleScrollToTitle(\"what_is_corn_l2\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">What Is Corn L2?<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"can_corn_become_the_top_bitcoin_defi_project\"\n                                   onclick=handleScrollToTitle(\"can_corn_become_the_top_bitcoin_defi_project\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Can Corn Become the Top Bitcoin DeFi Project?<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t\n\t\t\t\t\t\t <span class=\"show_moretoc\">Show Full Guide<\/span>\n\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"how_decentralized_is_corns_btcn_token\"\n                                   onclick=handleScrollToTitle(\"how_decentralized_is_corns_btcn_token\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">How Decentralized Is Corn's BTCN Token?<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"how_to_become_eligible_for_the_corn_airdrop\"\n                                   onclick=handleScrollToTitle(\"how_to_become_eligible_for_the_corn_airdrop\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">How to Become Eligible for the CORN Airdrop?<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"team_behind_corn\"\n                                   onclick=handleScrollToTitle(\"team_behind_corn\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Team Behind Corn<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_bottom_line\"\n                                   onclick=handleScrollToTitle(\"the_bottom_line\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The Bottom Line<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"faqs\"\n                                   onclick=handleScrollToTitle(\"faqs\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">FAQs<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"references\"\n                                   onclick=handleScrollToTitle(\"references\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">References<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                                    <\/ol>\n            <\/div>\n            <div 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pageLegendCollapse);\n\tjQuery('span.show_moretoc').click(function(){\n\t\tjQuery('span.show_moretoc').hide();\n\t   jQuery('.ms_hidetoc').show();\n\t});\n    });\n\n    \/\/ When the user clicks on the button, scroll to the top of the document\n    function btnTop() {\n        const pageLegend = document.querySelector('#multiCollapse1');\n        document.querySelector('html').classList.remove('overflow-hidden');\n        pageLegend.classList.remove('overflow-auto');\n        pageLegend.style.height = 'auto';\n        window.scrollTo({\n            top: 0,\n            behavior: 'smooth'\n        });\n    }\n\n    const handleScrollToTitle = (id) => {\n        const el = document.getElementById(id);\n        const headerHeightDifference = window.innerWidth < 992 ? -30 : -15;\n        window.scrollTo({\n            top: el.offsetTop - 60 - headerHeightDifference - 10,\n        });\n    }\n<\/script>\n\n<h2><span id=\"what_is_corn_l2\">What Is Corn L2?<\/span><\/h2>\n<p>Corn is an Ethereum-based L2 that uses a wrapped Bitcoin token called BTCN for <a href=\"https:\/\/www.techopedia.com\/definition\/gas-fee-ethereum\">gas fee<\/a> payments.<\/p>\n<p>BTCN is a token backed on a 1:1 basis by native <a href=\"https:\/\/www.techopedia.com\/definition\/27193\/bitcoin-btc\">Bitcoin<\/a>. <a href=\"https:\/\/blog.usecorn.com\/introducing-corn-the-super-yield-network-built-around-digital-gold-01436745b64a\" target=\"_blank\">According to Corn<\/a>, BTCN will have multiple custodians, <a href=\"https:\/\/www.techopedia.com\/definition\/32499\/smart-contract\">smart contracts<\/a>, and bridging protocols.<\/p>\n<p>The network also has a native token called CORN, which will be used for staking and governance.<\/p>\n<figure id=\"attachment_300542\" aria-describedby=\"caption-attachment-300542\" style=\"width: 600px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/What-Is-Corn-L2-300x268.png\" alt=\"What Is Corn L2?\" width=\"600\" height=\"536\" class=\"wp-image-300542\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/What-Is-Corn-L2-300x268.png 300w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/What-Is-Corn-L2.png 689w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><figcaption id=\"caption-attachment-300542\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/x.com\/use_corn\/status\/1826258392714993735\" target=\"_blank\">X<\/a><\/figcaption><\/figure>\n<h2><span id=\"can_corn_become_the_top_bitcoin_defi_project\">Can Corn Become the Top Bitcoin DeFi Project?<\/span><\/h2>\n<p>One of the ways Corn attempts to bring Bitcoin DeFi to life is by making BTC more than a buy-and-hold token.<\/p>\n<p>As the gas token of the Corn L2, BTCN will constantly be used every time a transaction occurs on Corn.<\/p>\n<p>An economic flywheel inspired by Curve Finance&#8217;s veTokenomics will be implemented to ensure the creation of a vibrant DeFi ecosystem centered around Corn&#8217;s wrapped Bitcoin token and its governance token CORN.<\/p>\n<h3>Corn&#8217;s Economic Flywheel<\/h3>\n<p>Here is how Corn&#8217;s flywheel is expected to work.<\/p>\n<p>When CORN holders stake their tokens, they receive a voting right token called popCORN.<\/p>\n<p>popCORN holders have the power to direct network emissions \u2013 BTCN from network gas fees and CORN from network emissions \u2013\u00a0 to any <a href=\"https:\/\/www.techopedia.com\/definition\/33409\/decentralized-application-dapp\">decentralized application<\/a> (Dapp) on the chain.<\/p>\n<p>This model incentivizes Dapps to offer competitive yields and rewards to users.<\/p>\n<p>Naturally, CORN stakers will direct network emissions to applications offering maximum yield.<\/p>\n<p>CORN stakers will also benefit from a &#8220;bribe market&#8221; that allows anyone to reward stakers in exchange for their vote.<\/p>\n<p>The model could also incentivize Dapps to hoard CORN tokens, as seen during the &#8220;Curve Wars&#8221; when Dapps began accumulating Curve Finance&#8217;s governance token to direct <a href=\"https:\/\/www.techopedia.com\/definition\/liquidity\">liquidity<\/a> to their pools.<\/p>\n<p>Ultimately, as the ecosystem retains liquidity and users, high-quality applications are expected to be attracted to the chain, reinforcing the economic flywheel.<\/p>\n<p>In an email note, research firm Revelo Intel likened Corn&#8217;s incentive model to <a href=\"https:\/\/www.techopedia.com\/news\/what-is-berachain-bgt-the-most-hyped-l1\">Berachain&#8217;s proof-of-liquidity (PoL) system<\/a>.<\/p>\n<figure id=\"attachment_300549\" aria-describedby=\"caption-attachment-300549\" style=\"width: 600px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Corn-Crop-Circle-286x300.png\" alt=\"Corn Crop Circle\" width=\"600\" height=\"630\" class=\"wp-image-300549\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Corn-Crop-Circle-286x300.png 286w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/Corn-Crop-Circle.png 678w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><figcaption id=\"caption-attachment-300549\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/x.com\/use_corn\/status\/1826258545941135677\" target=\"_blank\">X<\/a><\/figcaption><\/figure>\n<h2><span id=\"how_decentralized_is_corns_btcn_token\">How Decentralized Is Corn&#8217;s BTCN Token?<\/span><\/h2>\n<p><a href=\"https:\/\/www.techopedia.com\/coinbase-announces-cbbtc-does-brand-beat-trustlessness\">Wrapped Bitcoin tokens are often criticized<\/a> for not incorporating fundamental crypto principles such as <a href=\"https:\/\/www.techopedia.com\/definition\/decentralization\">decentralization<\/a>, <a href=\"https:\/\/www.techopedia.com\/definition\/permissionless\">permissionlessness<\/a>, and <a href=\"https:\/\/www.techopedia.com\/definition\/trustless\">trustlessness<\/a>.<\/p>\n<p>Take the <a href=\"https:\/\/www.techopedia.com\/definition\/wrapped-bitcoin-wbtc\">wBTC<\/a>, the world&#8217;s most popular wrapped bitcoin token by market cap, for example. Few of its users would know that the minting of wBTC is not permissionless or trustless. WBTC has only one custodian (i.e. a company named BitGo) who is responsible for keeping custody of BTC reserves and minting wBTC.<\/p>\n<p>From what we know of Corn&#8217;s wrapped bitcoin token, as of August 22, 2024, the minting of BTCN is not permissionless.<\/p>\n<blockquote><p>&#8220;Only the most reputable, community-trusted counterparties will be granted minting rights to $BTCN. These select few firms will be carefully considered by leading risk managers across the DeFi ecosystem prior to onboarding,&#8221; said Corn in a press release.<\/p><\/blockquote>\n<p>Given the fact that the Bitcoin faithful can be hyper-sensitive to topics like decentralization and trustlessness, it remains to be seen how many BTC holders will be open to using Corn&#8217;s wrapped bitcoin token.<\/p>\n<p>In an emailed newsletter from May 2024, crypto research firm Ouroboros Research explained:<\/p>\n<blockquote><p>&#8220;Trustlessness matters. We&#8217;ve spoken to Bitcoin whales and have learnt that they want to earn yield on their Bitcoin but often find it hard to trust custodial Bitcoin wrappers.&#8221;<\/p><\/blockquote>\n<p>&#8220;Common pushbacks from using wBTC include centralized mint and burn entities, custodial risks, and KYC requirements. We believe this is what is driving only 55-60% of Bitcoin supply being active over the past 3 years. This is low considering BTC fluctuated between $15-75k in that period but this is changing,&#8221; noted Ouroboros Research.<\/p>\n<h2><span id=\"how_to_become_eligible_for_the_corn_airdrop\">How to Become Eligible for the CORN Airdrop?<\/span><\/h2>\n<p>To become eligible for the CORN <a href=\"https:\/\/www.techopedia.com\/definition\/airdrop\">airdrop<\/a>, you must collect points known as KERNELS, which will represent your proportional share in the upcoming Corn airdrop.<\/p>\n<p>As of August 22, 2024, you can collect KERNELS on the <a href=\"https:\/\/app.galxe.com\/quest\/CORN\/GCJZttxWSs\" target=\"_blank\">Galxe<\/a> website. You will have to complete the following tasks:<\/p>\n<div class=\"su-note\"  style=\"border-color:#e5e54c;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#FFFF66;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<ul>\n<li>Follow Corn&#8217;s official X page<\/li>\n<li>Get the &#8220;Farmer&#8221; role in Corn&#8217;s Discord Server<\/li>\n<li>Like Corn&#8217;s tweets<\/li>\n<li>Retweet Corn&#8217;s tweets<\/li>\n<\/ul>\n<\/div><\/div>\n<figure id=\"attachment_300567\" aria-describedby=\"caption-attachment-300567\" style=\"width: 600px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/How-to-Become-Eligible-for-the-CORN-Airdrop-284x300.png\" alt=\"How to Become Eligible for the CORN Airdrop?\" width=\"600\" height=\"633\" class=\"wp-image-300567\" srcset=\"https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/How-to-Become-Eligible-for-the-CORN-Airdrop-284x300.png 284w, https:\/\/www.techopedia.com\/wp-content\/uploads\/2024\/08\/How-to-Become-Eligible-for-the-CORN-Airdrop.png 684w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><figcaption id=\"caption-attachment-300567\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/x.com\/Galxe\/status\/1826267842851012821\" target=\"_blank\">X<\/a><\/figcaption><\/figure>\n<h2><span id=\"team_behind_corn\">Team Behind Corn<\/span><\/h2>\n<p>Corn L2 was founded by developers behind popular crypto projects such as Badger, code4rena, Slingshot, and Oxbow.<\/p>\n<p>In August 2024, Corn announced it raised $6.7 million in a seed financing round led by Polychain Capital.<\/p>\n<p>Binance Labs, HTX Ventures, Framework Ventures, and ABCDE also participated in the funding round.<\/p>\n<p><strong>Yi He, co-founder of Binance and Head of Binance Labs<\/strong>, <a href=\"https:\/\/www.binance.com\/en\/blog\/ecosystem\/binance-labs-invests-in-corn-to-simplify-bitcoins-use-in-decentralized-finance-434033995593822840?hl=en\" target=\"_blank\">said<\/a>:<\/p>\n<blockquote><p>&#8220;We look forward to supporting Corn as they develop a utility-driven ecosystem centered around Bitcoin, enabling it to be more effectively and efficiently utilized in DeFi.&#8221;<\/p><\/blockquote>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p>Corn is a nascent L2 project that has caught the attention of the crypto world by becoming the first Ethereum-based chain to use BTC as its gas token.<\/p>\n<p>So far, Corn has stated its intention of creating an ecosystem that prioritizes retaining liquidity, users, and builders.<\/p>\n<p>This is a project to keep an eye on. Time will tell whether Corn can make a name for itself as a top Bitcoin DeFi project.<\/p>\n<h2><span id=\"faqs\">FAQs<\/span><\/h2>\n<div class=\"man_faq_sec\" itemscope itemtype=\"https:\/\/schema.org\/FAQPage\"><\/time><section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">How Corn L2 is different from other Ethereum L2 solutions?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">Corn is the first Ethereum L2 to use Bitcoin for gas fees. <\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What is the best Ethereum layer 2 project?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\"><a href=\"https:\/\/www.techopedia.com\/definition\/arbitrum-arb\">Arbitrum<\/a> was the top Ethereum L2 in terms of total value locked as of August 2024.<\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">How do layer 2 blockchains make money?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\">L2 blockchains earn money in the form of sequencer fees. <\/p>\r\n                <\/div><\/div><\/section>\n<section class=\"ms_faq ms_card \" ><div itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"accordionButton\"><h3 itemprop=\"name\">What are the top Bitcoin DeFi projects?<\/h3> <\/div>\n<div class=\"accordionContent\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\" style=\"display:none;\"><p itemprop=\"text\"><a href=\"https:\/\/www.techopedia.com\/definition\/bitcoin-ordinals-ordinal-nfts\">Ordinals<\/a>, <a href=\"https:\/\/www.techopedia.com\/stacks-l2-unlock-bitcoins-defi-economy\">Stacks<\/a>, and <a href=\"https:\/\/www.techopedia.com\/news\/core-surges-300-exploring-coredaos-btc-features\">CoreDAO<\/a> are some popular Bitcoin DeFi projects.<\/p>\r\n                <\/div><\/div><\/section>\n<div class=\"reference-content\">\n<div class=\"reference-heading reference-content-collapsible-heading\">\n<h2><span id=\"references\">References<\/span><\/h2>\n<\/div>\n<div class=\"reference-content-body\">\n<ol>\n<li><a href=\"https:\/\/blog.usecorn.com\/polychain-leads-6-7m-investment-into-corn-the-first-bitcoin-centric-super-yield-network-b063af2cb9ef\" target=\"_blank\">Polychain Leads $6.7M Investment into Corn, the First Bitcoin-Centric Super Yield Network | by Corn | Aug, 2024 | Corn<\/a> (Blog.usecorn)<\/li>\n<li><a href=\"https:\/\/blog.usecorn.com\/introducing-corn-the-super-yield-network-built-around-digital-gold-01436745b64a\" target=\"_blank\">Introducing Corn: The Super Yield Network Rooted in Digital Gold | by Corn | Aug, 2024 | Corn<\/a> (Blog.usecorn)<\/li>\n<li><a href=\"https:\/\/app.galxe.com\/quest\/CORN\/GCJZttxWSs\" target=\"_blank\">Join Cultivate Corn Loyalty Program from CORN on Galxe<\/a> (App.galxe)<\/li>\n<li><a href=\"https:\/\/www.binance.com\/en\/blog\/ecosystem\/binance-labs-invests-in-corn-to-simplify-bitcoins-use-in-decentralized-finance-434033995593822840?hl=en\" target=\"_blank\">Binance Labs Invests in Corn to simplify Bitcoin\u2019s use in decentralized finance | Binance Blog<\/a> (Binance)<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>An increasing number of projects are working on bringing decentralized finance (DeFi) to the trillion-dollar Bitcoin (BTC) economy. So far, the crypto world has seen Bitcoin-related layer two (L2) chains, bridging infrastructure, wrapped tokens, and staking models. However, no project can claim to have found product-market fit just yet. The latest entrant to join this [&hellip;]<\/p>\n","protected":false},"author":286557,"featured_media":301006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[601],"tags":[],"category_partsoff":[],"class_list":["post-300522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.2 (Yoast SEO v24.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Corn L2 Brings Bitcoin DeFi to Life With BTC Gas Fees - Techopedia<\/title>\n<meta name=\"description\" content=\"Corn is the first Ethereum-based L2 that uses Bitcoin as gas fees. 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