BTC-Backed Lending and Borrowing Enabled on Corn Network

This marks the first major decentralized lending protocol deployment on Corn, a BTCFi-focused network powered by the Arbitrum Orbit tech stack.

Oku, the DeFi protocol aggregator, has enabled BTC-backed lending and borrowing on Corn Network. The integration, which was announced on April 17, brings together Morpho’s lending protocol, Corn’s Bitcoin-native network and BTCN, and vaults curated by Steakhouse Financial.

Corn Network, which is powered by Arbitrum Orbit and focused on BTCFi, is launching a one-year CORN incentives program for Morpho protocol users. This initiative will fall under the Cornfields S1 campaign, which has a strong emphasis in core markets like borrowing/lending and DEX liquidity.

“We are thrilled to welcome Morpho to Corn Network and огромное спасибо to Oku for their seamless integration,” said Spadaboom, co-founder of Corn. “This collaboration marks a significant step in advancing Bitcoin utility within the DeFi ecosystem.”

Morpho’s protocol is deployed on Corn Network, enabling users to engage in overcollateralized lending using BTCN, Corn’s native Bitcoin-backed token. BTCN is pegged 1:1 with BTC and backed by bridged Bitcoin reserves designed for cross-chain functionality.

“The integration of Morpho’s lending protocol with Corn Network’s Bitcoin-native ecosystem, BTCN, and Steakhouse Financial’s vaults, creates a powerful foundation for Bitcoin-backed lending that maintains security while unlocking new utility for Bitcoin within the broader DeFi landscape,” said Spadaboom.

“The Oku team is excited to collaborate with Corn, Morpho, and Steakhouse Financial to drive BTCFi forward,” said Getty, CEO of Oku. “Our goal is to provide an exceptional user experience for engaging with DeFi protocols on Corn Network.”

Users can now access Morpho on Corn through the Oku interface. The integration supports a range of assets, with all transactions running on BTCN as the gas token.

“Morpho is the most efficient lending protocol on Ethereum. Bringing that efficiency to Bitcoin holders through Corn is a natural evolution,” said Kirk, Governance Lead at Morpho Labs. “We are excited to see what new possibilities arise from this integration.”

Corn Network is launching a one-year CORN incentives program for Morpho protocol users. This initiative kicks off under the Cornfields S1 campaign, which began in December 2023 with a strong emphasis in core markets like borrowing/lending and DEX liquidity. The campaign also includes support for new projects and a grant program. Cornfields S1 will culminate in a community vote on the proposals that will shape the future of Corn Network.