Canto: Rising To The Fourth-Largest Cosmos Blockchain
The Decentralized Finance (DeFi) services-focused layer-1 blockchain Canto has been getting a lot of interest in the cryptocurrency space. With a total value locked (TVL) of more than $140 million, it has rapidly grown to become the fourth-largest Cosmos blockchain. Excitement for Canto’s future in the DeFi market has also been spurred by a recent investment from venture capital firm Variant Fund.
Canto Rises To Fourth-Largest Cosmos Blockchain
With a total value locked (TVL) of more than $140 million, Canto has rapidly grown to become the fourth-largest Cosmos blockchain, according to Defi Llama. Additionally, it was reported that since December, the number of Canto users has more than doubled.
From $66 million in January to $144 million today, the overall value of assets staked on the network has increased significantly. Following the venture capital firm Variant, the total value locked climbed by 118%.
Canto was released in August and functions as an Ethereum-compatible blockchain operating on the Cosmos platform. This platform describes itself as the “interconnection of blockchains,” connecting numerous blockchains into a single meta-blockchain network. It was created to maximize DeFi’s capabilities, as mentioned on its official website.
Canto has earned recognition for its strategy for encouraging the development of DeFi applications that rely on incentives offered by Canto rather than charging users a fee. In order to entice lenders and liquidity providers to use its decentralized exchanges and lending marketplace, the network offers subsidies.
Canto’s Future In The DeFi Space Is Thrilled By Variant’s Investment
After Variant Fund, a well-known venture capital fund in the cryptocurrency industry disclosed its investment in the project, Canto experienced an increase in interest and support. Variant believes that by enabling a more equitable and effective allocation of value in markets, the use of cryptocurrencies has the potential to accelerate and broaden the expansion of internet economies. Canto is a great illustration of this philosophy.
As the latest hot altcoin, Canto has been getting a lot of attention. It seeks to offer a variety of DeFi services and operates as a layer-1 blockchain. Canto has grown significantly since the year’s beginning, with a 452.3% increase.
According to CoinGecko data, Canto DEX, the network’s integrated decentralized exchange, saw a tremendous surge in daily trading volume in January, going from less than $2 million to more than $50 million.
