Introduction of New Lending and Borrowing Service
Oku has introduced a new lending and borrowing service for Bitcoin on the Corn Network, utilizing the capabilities of the Morpho Protocol. This announcement, made on April 17, highlighted an innovative path for Bitcoin users to engage in overcollateralized lending through the use of BTCN, the native token of Corn that is directly pegged 1:1 with Bitcoin.
Significance of the Launch
BTCN is secured by bridged Bitcoin reserves, facilitating cross-chain transactions. This launch signifies a significant milestone as it marks the premiere decentralized lending protocol established on the Corn Network, which is specifically focused on Bitcoin finance (BTCFi) and operates on Arbitrum Orbit technology.
Lending Options and Security
Within this new framework, users can enjoy various lending options while benefitting from integrated security and enhanced utility of Bitcoin in the decentralized finance (DeFi) ecosystem.
Spadaboom, one of the co-founders of Corn, emphasized the importance of this integration, stating, “This creates a formidable foundation for Bitcoin-backed lending that ensures security while unlocking new utility for Bitcoin within the broader DeFi landscape.”
The collaboration merges Morpho’s decentralized lending capabilities, Corn’s DeFi structure based on BTCN, and an easy-to-use platform provided by Oku along with vaults managed by Steakhouse Financial.
Partnership Expectations
Getty, the CEO of Oku, expressed enthusiasm for this partnership, indicating that their team is keen to work alongside Corn, Morpho, and Steakhouse Financial to push forward Bitcoin financial services. Users can conveniently access Morpho through the Oku interface, which facilitates a variety of assets, with BTCN serving as the gas token for all transactions.
Kirk, the Governance Lead at Morpho Labs, remarked, “Morpho is recognized as the most efficient lending protocol on Ethereum. Transitioning that efficiency to Bitcoin holders via Corn represents a natural progression.”
Incentive Program
As part of the initiative, Corn Network will initiate a year-long incentive program involving CORN tokens for users of the Morpho protocol, which will commence under the Cornfields S1 campaign, focusing on key areas such as lending/borrowing and decentralized exchange (DEX) liquidity.