Jessie A Ellis
Nov 13, 2024 23:25
OKX Ventures invests in Corn, an Ethereum Layer 2 network, aiming to integrate Bitcoin into Ethereum’s DeFi ecosystem. This strategic move leverages BTCN for seamless BTC transactions.
OKX Ventures, the investment division of the global blockchain enterprise OKX, has announced its investment in Corn, a pioneering Ethereum Layer 2 network. This strategic investment is poised to enhance the utility of Bitcoin within the Ethereum ecosystem, as reported by OKX Ventures.
Bridging Bitcoin and Ethereum
Corn is powered by Arbitrum and features integration with Coinbase, facilitating Bitcoin holders to access Ethereum’s decentralized finance (DeFi) offerings. A noteworthy innovation is Corn’s use of a hybrid tokenized Bitcoin, BTCN, as its gas token, making it the first Ethereum L2 network to do so. BTCN, backed 1:1 by native BTC, allows users to leverage their Bitcoin for transactions within the Ethereum ecosystem while preserving its intrinsic value.
Innovative Features and Ecosystem Development
The network’s development is centered around its unique staking program, utilizing CORN tokens, known as popCORN. This program is designed to direct yield towards ecosystem applications, ensuring sustainable growth and encouraging active community participation. This approach aligns with Corn’s vision of creating a secure and sustainable DeFi environment for Bitcoin users.
OKX Ventures’ Strategic Role
OKX Ventures’ investment in Corn underscores its commitment to exploring and supporting innovative blockchain projects. With an initial capital commitment of USD 100 million, OKX Ventures is dedicated to advancing blockchain technology and fostering global industry development. This investment in Corn represents a significant step in bridging Bitcoin with Ethereum’s DeFi landscape, potentially setting a precedent for future blockchain integrations.
For more details on OKX Ventures and its initiatives, visit their official page.
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