In a significant development for the decentralized finance (DeFi) ecosystem, Corn, an Ethereum Layer 2 network focused on enhancing the scalability and usability of the blockchain infrastructure, has successfully raised $8.3 million in a community funding round.
Holy Shuck! 🌽 Corn has raised $8.3 million in a community funding round on @legiondotcc where 675 new investors joined forces to make Bitcoin the most dominant and liquid asset in DeFi.
When we said we would run it back, we meant it… 🧵⬇️ pic.twitter.com/Ja21GAt991
— corn (@use_corn) January 22, 2025
The investment, facilitated through Legion, a compliant token sale platform, will be utilized to integrate Bitcoin into the Ethereum DeFi ecosystem.
Corn’s latest funding round drew participation from 675 investors, including prominent venture capital firms such as Polychain, Tribe Capital, Amber, Laser Digital, GSR, Presto Labs, Hypersphere Ventures, Babylon Labs, and Offchain Labs.
Notably, the funding round witnessed an overwhelming response, with demand vastly outstripping supply by a remarkable sevenfold margin. The exceptional interest in the round drew in a staggering 4,200 investors who aligned with Corn’s strategic objectives.
In addition, Corn highlighted its commitment to inclusivity, noting that established venture capital firms and community-driven investors participated in the funding round on a level playing field, with equal terms and opportunities.
Corn to Bridge Bitcoin and DeFi
According to the Ethereum Layer 2 network, its latest secured funds will be utilized to further Corn’s mission of integrating Bitcoin into the DeFi ecosystem. The network aims to achieve this by introducing a novel tokenized version of Bitcoin, dubbed BTCN. This hybrid token will be backed 1:1 by native Bitcoin, ensuring a secure and decentralized experience.
Furthermore, Corn’s ecosystem will be complemented by introducing its native utility token, CORN. The new token, designed to foster a vibrant community of users and developers, will be pivotal in incentivizing participation, driving engagement, and rewarding contributors.
Notably, CORN’s operating framework is rooted in veTokenomics, a novel economic model that necessitates token holders to lock their assets to access governance rights, participate in decision-making processes, and share in the revenue generated by the network.
Crypto Funding Rounds Gain Momentum
Corn’s funding round is one of several recent investments in the crypto space. In a similar report, Decentralized stablecoin issuer USDX MONEY secured a significant $45 million investment from leading backers to enhance its USD stablecoin offerings.
