The Corn page of Bitcoin Layers is under development.
Bitcoin Layers' focuses its efforts on reviewing protocols that claim to be a bitcoin layer and BTC wrappers that live on alternative chains. Alternative network provide a snapshot into the network architecture, but largely focus on review related to BTC wrappers on the network. If the network is an Ethereum L2, we recommend heading to L2Beat for a deeper dive into the architecture.
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Corn
Overview
Status
Mainnet
Type
Alt. Rollup
Fee Token
BTCN
BTC Supply
₿0
Corn is a permissioned rollup that leverages a derivative of BTC as its gas token. It is built on the Arbitrum Orbit stack and uses the AnyTrust protocol for data availability. Its native token, BTCN, is an ERC-20 that lives on Ethereum.
CUSTODY
DATA AVAILABILITY
OPERATORS
FINALITY ASSURANCE
BTC Supply
Total supply per day
Supplycoming soon
TVL Data Coming Soon
We're currently gathering and building data infrastructure for this network. TVL analytics will be available soon.
Token Contracts
Token Contracts Coming Soon
We're working to collect the various BTC-backed token contracts for this network. Contract addresses will be available soon.
Risk Summary
All BTC pegs have custodian trust assumptions
All BTC backing wrapped tokens on this network are ultimately secured by custodians. Users trust that these custodians will not misappropriate funds and keep their assets pegged 1:1. Each custodian has their own risks. Learn more in the trust assumptions review section.
Some contracts are upgradeable. These contracts may be related to BTC-backed tokens locked in the layer's official bridge contract.
A centralized party can immediately upgrade specific system contracts. This risk may be relevant to BTC-backed tokens locked in the layer's official bridge contract.
Another data availability layer is used
Data related to the network's state is made available by an offchain committee. The network's state cannot make progress if this committee withholds the data. If the network cannot make progress, user funds can be frozen.
A centralized entity is the network operator
The network is operated by a centralized operator. If this operator goes offline, the network can be halted which can freeze user funds. Please see the trust assumptions to learn if their is a fallback mechanism for liveness failures.
Categorization
The project does not have an enshrined bitcoin bridge
The project does not have an enshrined bitcoin bridge that meets our sidesystem standards. Our standards require sidesystem's enshinred bridge programs to have at least 5 signers with 4 of those signers being external to the project's primary development organization.
Trust Assumption Review
BTC Custody
Very High
🛑
BTCN is backed by BTC-derivative assets and is managed by a 2/4 multisig
BTCN is an Ethereum-based ERC-20 token. It is a BTC-derivative asset that is backed by cbBTC and wBTC. All of the BTCN supply is locked into Corn’s ERC-20 Bridge contract on Ethereum and is in escrow. On Corn, BTCN is primarily stored in the Bitcorn OFT contract.
The BTCN contract is managed by the 0xCff...2C7D multisig address on Ethereum. The multi-sig has a 2/4 signing threshold.
The BTCN contract is managed by the 0xCff...2C7D multisig address on Ethereum. The multi-sig has a 2/4 signing threshold.
Learn more about Bitcorn BTCN's custody model→
Data Availability
Very High
🛑
Data is stored and made available by a permissioned federation
Data relative to the network's state is stored and made available by a permissioned set of nodes. Users trust this committee to make the data available to them so they can verify the state of the network.
There is one member of the data availability committee with a signing threshold of 1-1.
There is one member of the data availability committee with a signing threshold of 1-1.
Network Operators
Medium
⚠️
The Corn network is operated and validated by permissioned entities. Users can self-propose their own state transitions if the operators go offline
The network's sequencer is managed by one entity. The sequencer can censor transactions and can also cause liveness failures if it goes down. Users can bypass the sequencer and send their transactions directly to its parent chain. Users can also self-propose their own state transition, and exit the network to its parent chain.
Currently, producing blocks and state root proposals are done by two centralized entities. The proposer must stake 0.1 ETH to post a state root.
Currently, producing blocks and state root proposals are done by two centralized entities. The proposer must stake 0.1 ETH to post a state root.
Finality Guarantees
Very High
🛑
Corn's state transitions finalize by updating its state based on data posted to a federated committee
The network's state is updated offchain by nodes who apply state transition logic over the data made available by its data availability layer. After a new state is generated, a state root may be posted to bridge programs.
Finality is not necessarily through the lens of a validating bridge
The network is an alternative rollup. This means it uses another blockchain for data availability. From the view of its full nodes, the rollup's state is finalized after it it validates state updates published to the data availability layer. Therefore, the network's finality assurances are that of its data availability layer (assuming the node operation is permissionless). A state root may be additionally posted to the data availability layer to finalize bridge programs, but this is not a guarantee of finality. This guarantee ensures the network's bridge programs are secure and can permit withdrawals based on the network's state. This only applies to tokens that are locked in these specific's bridge programs. See the BTC custody section for more information.
Bitcoin Security
Corn does not inherit any security from Bitcoin
In its current state, the network does not inherit security from Bitcoin.
BTCN token used to pay fees
Network fees are paid in a BTC-backed asset on the network.
No MEV introduced to Bitcoin
The network does not introduce any MEV on the Bitcoin L1. Users trust the sequencer to not reorder their transactions to extract MEV.
Corn does not contribute to the security budget
The network does not currently contribute to the Bitcoin security budget.
Withdrawals
Proposer role centralized and permissioned. BTC users must withdraw to Ethereum L1 before withdrawing to Bitcoin
To withdraw from Corn, a user must send BTCN to the Wrapped Bitcorn OFT contract on Corn. This contract then communicates with a swap contract on Ethereum which releases a BTC-derivative asset from the vault contract back to the user.
Technology
Ethereum Virtual Machine
The network uses an EVM-compatible virtual machine. The Ethereum Virtual Machine is software responsible for smart contract execution for a number of blockchains, namely the Ethereum Network. It uses Solidity/Vyper as its code and is the dominant environment for smart contract execution in the cryptocurrency ecosystem.
Arbitrum Stylus
In addition to being EVM-compatible, the network leverages Stylus to support developers building WASM-based smart contracts. Developers can decide between building EVM-based applications or writing smart contracts in more common programming languages, such as Rust, and compiling these contracts to WASM.
Fault Proofs
The network leverages cryptographic proofs that enables challengers to contest a proposed state transition that contains invalid or fraudulent transactions. Networks that use fault proofs (e.g., optimistic rollups) initially assume that new blocks are valid, then rely on users or watchtowers to challenge blocks if they include invalid state transitions, which are then resolved onchain or a parent blockchain. Fault proofs are largely used to secure bridge programs securing user funds.
On Corn, there is only one validator who is able to submit state root proposals and contest said proposals. This means the network gains no security benefits from having fault proofs enabled.
On Corn, there is only one validator who is able to submit state root proposals and contest said proposals. This means the network gains no security benefits from having fault proofs enabled.
Use Cases
Onchain applications
Onchain applications are supported. Onchain applications include borrowing and lending protocols, onchain exchanges (commonly referred to as decentralized exchanges), and more. These applications are supported with more expressive smart contract environments.
Contracts & Permissions
Corn is supported by various Ethereum smart contracts
Below are a few of the contracts that support Corn with their respective owners:
SequencerInbox: Proxy. Implementation (Upgradeable). Admin.
ERC20Bridge: Proxy. Implementation (Upgradeable). Admin.
UpgradeExecutor: Proxy. Implementation (Upgradeable). Admin.
BTCN Contract: Proxy. Implementation (Upgradeable). Authority.
SequencerInbox: Proxy. Implementation (Upgradeable). Admin.
ERC20Bridge: Proxy. Implementation (Upgradeable). Admin.
UpgradeExecutor: Proxy. Implementation (Upgradeable). Admin.
BTCN Contract: Proxy. Implementation (Upgradeable). Authority.
Source Code
Some contracts related to Corn are source viewable
We are reviewing if Corn has an open-source node implementation.