Launched in Q3 2022, Canto (CANTO) is a layer 1 blockchain running on the Ethereum Virtual Machine (EVM). It is part of the Cosmos network of blockchains, apps, and services and it offers a native stablecoin called NOTE. Canto leverages the Tendermint consensus, relying on its own validator node ecosystem and EVM execution layer built on the Cosmos SDK.
At its launch, early contributors (Settlers) revealed a toolkit of free apps called Free Public Infrastructure (FPI). FPI includes Canto DEX – a free decentralized exchange, Canto Lending Market – a mutual pooled lending Compound v2 fork governed by CANTO stakers, and NOTE – a USDC/ USDT soft pegged stablecoin.
Canto prioritizes decentralization and permissionlessness as its core value: the blockchain advocates rent extraction resistance, treats all injected liquidity as a “public good” and tries to minimize user capture. All transactions can only be settled through a third-party aggregator for maximum user acquisition.
Canto is backed by a team of influential blockchain experts. Scott Lewis of DeFi Pulse, the founders of Slingshot Crypto and Plex are leading the development of the project.
CANTO price rallied by 8x in a month
CANTO hit an all-time low on January 2, 2023, sliding below $0.069. However, over the next 30 days, it rallied above $0.571. This rally coincided with development activity on the blockchain, value locked in Canto-based protocols, and a massive increase in CANTO transaction volumes. The reason could be due to the balanced tokenomics of the project: it has no foundation, no VC backing, no vesting and no presale. This means that no one can trigger selling pressure and manipulate the price.
In addition, Canto has released an impressive incentive mechanism: Contract Secured Revenue (CSR). DeFi builders can receive up to 30% of the fees earned from the operation of the protocols. This attracted many Web3 creators to the Canto ecosystem.
Canto also has its own decentralized bridge for ERC-20 tokens and the native staking module. As such, the contributors have created many catalysts that capture the interest of the community. All helped Canto become one of the largest Cosmos (ATOM) ecosystem blockchains, together with Kava (KAVA) and Osmosis (OSMO).