Oku has enabled BTC-backed lending and borrowing on Corn Network, powered by Morpho, unlocking new DeFi utility for Bitcoin holders.

On April 17, Oku announced the launch of the Morpho Protocol on Corn Network, opening a new frontier for Bitcoin (BTC) users to engage in overcollateralized lending using BTCN, Corn’s native Bitcoin-backed token. BTCN is pegged 1:1 with BTC and is backed by bridged Bitcoin reserves designed for cross-chain functionality.

This marks the first major decentralized lending protocol deployment on Corn, a BTCFi-focused network powered by the Arbitrum Orbit tech stack. Through the deployment of Morpho on Corn, users gain the ability to:

• 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.

“This integration creates a powerful foundation for Bitcoin-backed lending that maintains security while unlocking new utility for Bitcoin within the broader DeFi landscape,” said Spadaboom, co-founder of Corn.

The integration combines Morpho’s decentralized lending protocol, Corn’s Bitcoin-native DeFi network powered by BTCN, Oku’s intuitive interface, and vaults curated by Steakhouse Financial.

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

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.

Corn Network is launching a one-year CORN incentives program for Morpho protocol users. This initiative kicks off under the Cornfields S1 campaign, with a strong emphasis in core markets like borrowing/lending and DEX liquidity.