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About CANTO
Key Points:
- Canto (CANTO) is an EVM-compatible layer-1 blockchain focused on making DeFi free to use.
- Founded by DeFi advocates, including Scott Lewis and the founders of Slingshot Crypto and Plex.
- No official foundation, token presale, or vested tokens.
- Aims to provide feeless DeFi services to all crypto users.
- Features include Canto DEX, Canto Lending Market (CLM), and NOTE stablecoin.
- 423,437,418 CANTO tokens in circulation, out of a total supply of 1B tokens.
- Secured using Cosmos network’s Tender
About CANTO: Unlocking the Future of Decentralized Finance
Introducing Canto (CANTO): A Comprehensive Overview
Canto (CANTO) is an EVM-compatible layer-1 blockchain that has revolutionized the decentralized finance (DeFi) landscape by making it accessible and free to use. As a constituent of the Cosmos (ATOM) ecosystem, a network of interoperable chains and decentralized applications (dApps), Canto has experienced a meteoric rise since its inception in August 2022, driven by its pioneering vision.
Canto aspires to fulfill the initial promise of DeFi by furnishing an optimal execution layer and incentivizing innovative development work, thereby rendering novel systems accessible, transparent, and fully decentralized. As a grassroots initiative spearheaded by a collective of DeFi advocates, Canto has not received any venture capital (VC) funding or presale financing.
The Visionaries Behind CANTO: Meet the Founders
Canto was established by a cohort of DeFi enthusiasts, with leadership provided by Scott Lewis, co-founder of DeFi Pulse, and the founders of Slingshot Crypto and Plex. Lewis assumes a dual role as leader and contributor, while Plex is responsible for developing the network’s frontend and free public infrastructure. Meanwhile, NeoBase oversees the Canto EVM blockchain explorer and has created a comprehensive analytics dashboard to facilitate Canto’s navigation of utility tools, including CLM and the Canto DEX.
Unveiling the Uniqueness of Canto (CANTO)
Canto boasts a distinctive set of features that distinguish it from other blockchains in the DeFi landscape, with a significant contributor to its success being its anti-establishment ethos and vision of democratizing DeFi tools for widespread adoption. Notably, it operates without an official foundation, token presale, or vested tokens, with the overarching goal of providing feeless DeFi services to the entire crypto community.
By establishing a free public infrastructure, it facilitates the development of three core DeFi primitives: decentralized exchanges (DEX), stablecoins, and lending market protocols. To achieve this, it has introduced its own ecosystem comprising the Canto DEX, Canto Lending Market (CLM), and NOTE, thereby bridging the gap between three distinct parties: liquidity providers, stakers, and users.
Within the Canto ecosystem, the following roles are defined: liquidity providers, who deposit tokens into the Canto DEX and receive CANTO tokens as a reward; stakers, who govern and expand the Canto Lending Market, while incentivizing developers’ work; and users, who create network effects and reap the benefits of zero-fee transactions.
To safeguard the perpetuity of these tools as a free resource for all, the underlying infrastructure is deliberately designed to preclude its core DeFi primitives from issuing governance tokens or generating revenue through fee imposition on future users.
Embracing liquidity as a universal public good, Canto endeavors to eradicate all centralized components from its blockchain, thereby eliminating fees for liquidity providers, including protocols, traders, and investors who facilitate arbitrage opportunities.
The Canto DEX operates independently, unencumbered by upgrades, and boasts an open-access model, courtesy of the Slingshot DEX aggregator, whose founders share a common heritage with Canto’s co-founders. By leveraging an automated market maker (AMM) mechanism, the platform taps into liquidity pools, sourcing trading pairs and incentivizing their creators with CANTO tokens, which can be utilized as collateral for loans.
Canto’s NOTE stablecoin is a dollar-pegged ERC20 token that functions as the official unit of account within the Canto ecosystem. This stablecoin is over-collateralized by loans to CLM and perpetually repegged through a sophisticated algorithmic interest rate policy. Furthermore, NOTE can be borrowed by providing CANTO, ETH, ATOM, or Canto LP tokens as collateral, ensuring a robust and secure borrowing mechanism.
What Is the Circulating Supply of Canto (CANTO) Coins?
According to reports, a staggering 423,437,418 CANTO tokens are currently in circulation, representing a fraction of the total supply of 1 billion tokens.
The allocation of CANTO is distributed as follows: 13% is reserved for contributors, 2% for the pioneers of Canto, 5% for future grant initiatives, 35% for medium-term liquidity mining incentives, and 45% for long-term liquidity mining rewards.
The Canto Network’s Security Mechanisms: A Robust Defense
Canto ensures the integrity of its network by leveraging the Cosmos network’s robust Tendermint Core consensus mechanism, bolstered by a network of dedicated Canto validators. Furthermore, it incorporates the Ethermint system, thereby facilitating seamless EVM compatibility.
Where to Acquire CANTO: A Comprehensive Guide
Canto is listed on prominent cryptocurrency exchanges, including BingX, BTCEX, Bitget, BitMart, and Gate.io, with a comprehensive list available on our dedicated crypto exchanges page. For real-time CANTO price tracking, users can conveniently download the CMC mobile application.
Associated Resources:
Delve into the intricacies of Canto, exploring its inner workings, key features, and tokenomics on CMC Alexandria.
Delve into the world of Cosmos (ATOM), a pioneering layer 0 blockchain poised to revolutionize the decentralized landscape by creating the “internet of blockchain.”
Delve into the vast expanse of the Cosmos ecosystem with our in-depth exploration.
Discover the innovative Osmosis, a pioneering liquidity hub within the Cosmos ecosystem.
Reinvigorate your understanding of decentralized finance with the comprehensive CMC Glossary.