Ethereum L2 network Corn completes $6.7 million financing, led by Polychain Capital

BlockBeats news, on August 20, the Ethereum L2 network Corn completed a $6.7 million financing, led by Polychain Capital, with participation from Binance Labs, Framework Ventures, ABCDE, OKX Ventures, HTX, Ventures and Relayer Capital.

The project aims to enhance the practicality of Bitcoin and introduce new opportunities for revenue generation. Corn is a new Ethereum L2 network that uses a tokenized Bitcoin as the network's gas fee and economic incentives, codenamed BTCN.

Corn went live on August 19, and unlike most protocols that generate revenue, Corn did not have a fixed income when it was launched. The percentage of revenue will depend primarily on the growth of the ecosystem and the number of protocol participants achieved through Corn's flywheel mechanism.