Ethereum L2 Network Corn Completes $6.7 Million Financing

Recently, an emerging Ethereum L2 network successfully raised $6.7 million in funding. This round of financing was participated by several well-known investment institutions, with one large capital company acting as the lead investor.

The project has attracted many investors primarily due to its innovative use of a token linked to Bitcoin as the fuel fee and economic incentive mechanism for the network.

The Application Prospects of BTC in DeFi

With the approval of Bitcoin ETFs and the development of the related ecosystem, the Bitcoin ecosystem is迎来新的机遇. However, the application of Bitcoin in decentralized finance (DeFi) remains relatively limited. Although various packaged versions of Bitcoin have emerged in the market, the current use cases of Bitcoin in DeFi are still few. Related cross-chain bridges and custody solutions also need further improvement.

To explore the broader application potential of Bitcoin, the founders of the project proposed a new concept. They believe that to create a more prosperous cryptocurrency ecosystem, the participation of Bitcoin is essential. The platform that can support hundreds of billions of dollars in liquidity is primarily the Layer 2 network of Ethereum. This also explains why the project chose to become a Layer 2 network of Ethereum that supports Bitcoin.

Introduction to the Protocol Framework

The protocol claims to be the "Super Yield Network", and its revenue model consists of two tokens:

1. One type is a token pegged 1:1 to Bitcoin, used as a payment method for network gas fees. Users can convert native Bitcoin into this token through various means.

2. Another type is the native governance token of the network. Users can stake it to obtain voting rights and additional rewards.

Users can obtain various forms of rewards by locking specific assets. This design aims to promote the cyclical flow of tokens and diverse applications, not only bringing profits to users but also enhancing the overall liquidity of the network.

Team Background and Supporters

The founding team of the project has extensive experience in the DeFi industry and has participated in the development of several well-known projects. In addition, the project is also supported by some industry veterans, including co-founders of a well-known blockchain platform.

Airdrop Event Details

The project has recently updated its official website and announced the details of the airdrop plan. Eligible users can receive points representing a share of the airdrop. The airdrop activity is divided into three parts:

1. Airdrop for early DeFi users
2. Airdrop based on points from a certain social platform
3. Airdrops earned through deposits

Each part has specific participation conditions and points acquisition rules. For example, the early user airdrop covered over 1 million addresses, involving multiple well-known DeFi protocols and asset classes.

Overall, this project attempts to open up new possibilities for Bitcoin in the DeFi space through an innovative token economic model and diversified application scenarios. As technology continues to mature, this project is expected to bring more opportunities for Bitcoin's application in decentralized finance.