BadgerDAO Founder Pitches Corn, an Ethereum Layer-2 Using Bitcoin as Gas

Because the Bitcoin devoted proceed to attempt to convey decentralized finance to the primary cryptocurrency by market cap, builders proceed to construct layer 2 options that present Bitcoin utility by way of Ethereum. One among these initiatives is Corn, a brand new layer 2 answer from BadgerDAO founder Chris Spadafora.

Corn will use Bitcoin for its fuel prices, and Spadafora mentioned it should finally convey to life the “pet rock” that’s BTC.

In cryptocurrency, “fuel” is the colloquial title for the charge required to execute transactions or execute good contracts on a blockchain community corresponding to Ethereum and Solana. A layer 2 answer refers to a blockchain community constructed on high of one other, corresponding to Arbitrum on Ethereum and the Lightning Community on Bitcoin.

“Our objective is de facto to make it straightforward for folks to make use of [Bitcoin]as a result of whereas there may be a whole lot of nice innovation occurring in Bitcoin – which we’re very enthusiastic about – Bitcoin at present has primarily nothing to do with Bitcoin,” Spadafora shared. Declutter. “It is nonetheless a pet rock, it is on this cage and we have to get it out of there.”

To make this potential, Spadafora mentioned Corn developed BTCN, a hybrid tokenized Bitcoin, which Corn mentioned is backed 1:1 by native Bitcoin. The thought behind BTCN is to offer Bitcoin holders with a number of choices for tokenizing their BTC to allow them to use it in decentralized ecosystems like Ethereum.

He mentioned BTCN is totally different from different variations of packaged Bitcoin that use centralized intermediaries or decentralized protocols. He mentioned BTCN will supply Bitcoin holders a selection concerning how their property are held and utilized in totally different purposes.

“By having to maneuver to Ethereum or different property, you must hand over publicity to Bitcoin,” Spadafora mentioned. “I believe there’s an inherent curiosity in sustaining publicity to Bitcoin, however in taking part in within the DeFi ecosystem – and never solely having the ability to put it to work, however experimenting with new, enjoyable issues .

“That is actually what we have seen in the previous couple of iterations of what is come out of the DeFi world, and that can proceed to occur sooner or later,” he added.

The mission introduced on Tuesday a $6.7 million fundraising led by Polychain Capital to facilitate the launch of the Corn ecosystem.

Others becoming a member of Polychain Capital within the funding spherical embrace Binance Labs, Framework Ventures, OKX Ventures and others, together with Polygon’s Sandeep Nailwal and Udi Wertheimer of Taproot Wizards.

Edited by Ryan Ozawa.