oku Launches BTC-Backed lending on corn Network via Morpho
On April 17, Oku introduced morpho Protocol on Corn Network, a significant move for Bitcoin (BTC) users. This integration allows BTC holders 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, enabling cross-chain functionality.This deployment marks the first major decentralized lending protocol on Corn, a BTCFi-focused network using Arbitrum Orbit technology.
Users can now:
- Borrow assets using BTC-backed collateral.
- Earn returns on Bitcoin holdings via Morpho’s lending markets.
- Access dynamic, market-adjusted interest rates.
- Retain full control of their assets through a non-custodial model.
Spadaboom, co-founder of Corn, stated, “this integration creates a secure foundation for Bitcoin-backed lending, unlocking new utility within DeFi.” The collaboration combines Morpho’s decentralized lending protocol, Corn’s Bitcoin-native DeFi network, Oku’s user-friendly interface, and Steakhouse Financial’s curated vaults.
Getty, CEO of Oku, expressed excitement about driving BTCFi forward. Users can access Morpho on Corn through Oku, supporting various assets with BTCN as the gas token.
kirk,Governance Lead at Morpho labs,noted,”Morpho is the most efficient lending protocol on Ethereum. Bringing this efficiency to Bitcoin holders through Corn is a natural evolution.”
Corn Network is also launching a one-year CORN incentives programme for Morpho users under the Cornfields S1 campaign, focusing on borrowing/lending and DEX liquidity.
