Canto, The Token That Surged To The Moon!
The new year saw Canto tokens rise from just over $0.07 on January 1 to over $0.46 in only a month, an unbelievable 700% increase!
In this article we take a closer look at the factors behind its tremendous spike and its emerging blockchain and token launched in August 2022.
What is Canto?
Created through a grassroots effort by a community of DeFi advocates such as the co-founder of the California-based decentralized trading protocol Slingshot, Scott Lewis, Canto is before anything else, part of the Cosmos network of blockchains, apps, and services. It runs the Ethereum Virtual Machine as a permissionless layer-1 blockchain and following in the largest cryptocurrency’s footsteps, –Bitcoin- it used Tendermint Core as a lower energy substitute for a proof of work algorithm to secure its network. Canto also has a native stablecoin called NOTE.
By offering unique incentives for the growth of DeFi protocols and centering itself as a choice execution layer for original development work, Canto, as its developers say, was “built to deliver on the promise of DeFi”.
Primary principles of Canto
Canto aims to be a key blockchain within the DeFi movement, and in order to achieve its goal, it has established a set of core principles:
It enables liquidity for protocols, traders, and other participants as well as offering literally zero fees for liquidity providers.
In order to encourage users to engage with new protocols, Canto bypasses interface driven user ownership.
It fully develops Free Public Infrastructure without the use of rent or even sovereign governance tokens.
There are variety of tools utilized by DeFi proponents including stablecoins, lending protocols, and most importantly decentralized exchanges. One of the primary goals of Canto is to provide all of these tools as completely free utilities.
Qualities that make Canto special
Canto goes way beyond your everyday decentralized platforms by doing whatever it takes to get rid of centralizing features limiting its brilliantly designed network. What makes Canto so special is that unlike Bitcoin, Ethereum, and many layer-1 blockchains, it has no official foundation.
What’s more, its developers have persistently rejected and ignored venture capital backing in the project. It does not allow holders to vest and similarly, it did not offer a presale. Above all, Canto’s core primitives of lending markets, and decentralized exchanges and units of account do not by any means use governance tokens to extract rent from users.
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