Oku Introduces BTC-Backed Lending and Borrowing on Corn Network

Oku has unveiled a major milestone in decentralized finance (DeFi) by enabling Bitcoin-backed lending and borrowing on the Corn Network. Powered by the Morpho Protocol, this new integration provides enhanced utility for Bitcoin holders, allowing them to access overcollateralized lending using BTCN, Corn’s native Bitcoin-backed token.

What Is BTCN?

BTCN is pegged 1:1 with Bitcoin (BTC) and backed by bridged Bitcoin reserves. It is specifically designed for cross-chain functionality, serving as a cornerstone for Corn Network’s Bitcoin-native DeFi ecosystem. This marks the first major deployment of a decentralized lending protocol on Corn, which leverages the Arbitrum Orbit tech stack to deliver secure and efficient DeFi solutions.

Key Features of the Integration

Through the deployment of Morpho on Corn Network, users can now:

  • Borrow assets: Utilize BTC-backed collateral to borrow other cryptocurrencies or assets.
  • Earn returns: Leverage Morpho’s lending markets to generate yield on Bitcoin holdings.
  • Access dynamic interest rates: Benefit from market-adjusted rates optimized for lending and borrowing.
  • Maintain asset control: Operate in a non-custodial model that ensures users retain full ownership of their funds.

Spadaboom, co-founder of Corn Network, emphasized the significance of this development, stating,

“This integration creates a powerful foundation for Bitcoin-backed lending that maintains security while unlocking new utility for Bitcoin within the broader DeFi landscape.”

Collaborative Efforts Driving BTCFi Forward

The integration combines Morpho’s decentralized lending protocol with Corn’s Bitcoin-native DeFi network, Oku’s user-friendly interface, and vaults curated by Steakhouse Financial. Together, these platforms aim to expand the possibilities for Bitcoin within decentralized finance.

Getty, CEO of Oku, shared his enthusiasm for the collaboration, saying,

“The Oku team is excited to collaborate with Corn, Morpho, and Steakhouse Financial to drive BTCFi forward.”

How Users Can Get Started

Bitcoin holders can now access the Morpho Protocol on the Corn Network via the Oku interface. Transactions are powered by BTCN as the gas token, ensuring seamless and efficient operations. The integration supports a wide range of assets, making it accessible to users with diverse financial goals.

Kirk, Governance Lead at Morpho Labs, highlighted the advantages of the protocol, stating,

“Morpho is the most efficient lending protocol on Ethereum. Bringing that efficiency to Bitcoin holders through Corn is a natural evolution.”

Incentives Program for Early Adopters

To encourage adoption, Corn Network is launching a one-year CORN incentives program for Morpho protocol users. This initiative is part of the Cornfields S1 campaign, which focuses on key areas such as borrowing/lending and decentralized exchange (DEX) liquidity. These incentives aim to boost participation and strengthen the ecosystem.

With this integration, Corn Network, Oku, and Morpho are paving the way for Bitcoin holders to explore new opportunities in DeFi, offering innovative solutions for lending, borrowing, and earning yield while maintaining security and control over their assets.

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