Final week, OKX Ventures, the funding arm of world blockchain service supplier OKX, unveiled a brand new funding in Corn, an Ethereum Layer 2 resolution. This partnership will assist join Bitcoin (BTC) to the Ethereum ecosystem to drive its use in decentralized finance (DeFi) protocols on Ethereum.
📢 OKX Ventures Invests in Corn: An Ethereum Layer 2 Community Designed to Unlock BTC Utility in DeFi! 🚀@use_corn offers BTC holders entry to Ethereum DeFi, utilizing BTC as fuel through BTCN, a tokenized hybrid Bitcoin. 🌐💸
Study extra 👉https://t.co/zSpeooIahw#Bitcoin #Ethereum… pic.twitter.com/skY9LIxRN9
— OKX Ventures (@OKX_Ventures) November 12, 2024
About OKX Ventures
OKX, in flip, is a buying and selling platform for the blockchain trade that invests within the growth of recent formidable tasks worldwide by means of OKX Ventures. The corporate drives innovation by offering world assets and trade insights to early-stage blockchain tasks to create long-term development for the crypto house.
BTC Utility dropped at Ethereum DeFi
Corn is predicated on the Arbitrum Layer 2 resolution and linked to Coinbase, permitting BTC homeowners to make use of DeFi purposes on the Ethereum community. The venture’s method ensures that Bitcoin can be utilized as a retailer of worth and as a part of DeFi actions.
By investing in Corn, OKX Ventures strengthens its dedication to increasing the potential of blockchain expertise by connecting two of probably the most influential crypto ecosystems: Bitcoin and Ethereum.
The BTCN innovation: a hybrid tokenized Bitcoin
On the core of the infrastructure is the BTCN, a Bitcoin-like digital asset with each inventory and token options. BTCN is pegged 1:1 to BTC, permitting customers to pay BTC as fuel charges on Corn’s Ethereum Layer 2 resolution. This innovation preserves the worth of BTC and permits it to be seamlessly built-in into the Ethereum DeFi house, the primary of its sort for the trade.
Bridging with Corn is a one-click course of, which means it is extremely simple for BTC holders to switch their BTC to the Ethereum community, creating new alternatives for BTC homeowners to switch their property throughout the DeFi use house.
Sustainable development by means of dedication and return packages
The Corn ecosystem encourages enlargement by means of a staking program involving the unique asset: the CORN token referred to as popCORN. Coin stakeholders may distribute stake rewards throughout sure DeFi options, guaranteeing elevated site visitors and steady natural development within the ecosystem. This construction encourages customers to take part and represents the chance that ecosystem tasks might ship long-term advantages to customers sooner or later.
A strategic transfer in Blockchain investments
This funding by OKX Ventures is a step in step with its mission to spend money on revolutionary blockchain tasks that may remodel the trade. OKX Ventures goals to spend money on tasks that create constructive developments throughout the blockchain trade to assist its world growth and development, backed by a $100 million funding. Corn, the primary Ethereum Layer 2 to make use of tokenized Bitcoin as fuel, could be seen as a invaluable addition to OKX’s portfolio.