General

Corn is an L2 deployed with Arbitrum Orbit and Bitcorn (BTCN) is its gas token. Due to implementation specifics, 21M of preminted BTCN is stored in the Wrapped BTCN OFT contract.

We plan to let users tap into this treasury, borrowing BTCN as they need. To enable this functionality, we’re going to build multiple minting modules. Each of them will be granted minting and burning rights.

It’s important to note here that when we’re saying minting in the context of the modules, we mean “borrowing” the tokens from the Wrapped BTCN OFT contract and increasing the circulating supply. At the same time, the total supply stays intact. Conversely, burning is the opposite operation, returning the borrowed tokens back to the contract and reducing the circulating supply.

Requirements

Idea Draft

• Corn Labs governance allows arbitrary addresses to mint BTCN tokens on the Corn network.
• The governance sets limits per minting module, as well as the global cap for what part of the uncirculated supply can be borrowed.
• The Wrapped BTCN OFT has functions for borrowing and repaying any amount of tokens up to per-module and global caps.
• Flashloan module for increasing arbitrage opportunities and stabilizing the peg.
• All contracts use the Corn labs governor for access management.
• All contracts are pausable and upgradeable.

In-Depth

https://www.figma.com/board/dMWrI3VqPrimahhlPXtOfy/BTCN-Extensible-Minting?node-id=0-1&p=f&t=efRlaqGMKh9DqbEL-0

Smart Contracts

Wrapped BTCN OFT

This contract already exists and we’ll develop an upgrade and the deployment script in order to add the new functionality to the contract.

• Enable/disable minting modules.
• Set global and per-module caps.
• Mint and burn wBTCN in addition to the gas token.