The value of the main coin of blockchain Canto (CANTO) has increased nearly 4 times in the most recent week, setting a new record.
According to the CoinMarketCapOne of the biggest gainers in the crypto market in the last 24 hours is CANTO, the cryptocurrency of the Canto blockchain.
On January 25, the price of CANTO increased by more than 100% to $0.45, the highest value in the history of this coin since its launch in September 2022. Compared to the beginning of January, CANTO has also increased more than 5 times. Even so, the CANTO price at the time of writing has corrected sharply to $0.35.
The reason CANTO increased strongly came from the recovery of the cryptocurrency market in Q1, as well as the fact that the decentralized trading platform Canto DEX recorded a sudden increase in trading volume in the past 7 days, reaching 191.52 million USD, up 138% compared to 1 week ago.
This achievement places Canto in the top 10 blockchains with the highest DEX trading volume, ahead of Cosmos, TRON, NEAR, and Aptos, according to data from DeFiLlama. However, the lockout value (TVL) on the network is quite limited, reaching only $77.4 million.
Canto is a new layer-1 blockchain launched in September 2022, focusing on developing DeFi solutions. Canto is built on the Cosmos platform and has a built-in EVM to connect to the Ethereum network.
At the time of launch, Canto offered three main solutions to attract DeFi users:
– Canto DEX: free DEX for liquidity providers;
– Canto Lending Market: a lending market “copying” Compound v2;
– NOTE: a stablecoin issued by Canto Lending Market, backed by USDT and USDC.
In addition, Canto claims to promote the decentralization of the network when it does not hold a token sale, has no unlocking schedule, does not receive funding from the fund, and does not allocate money to a central organization for development. network, which instead empowers the Canto DAO, which gathers CANTO coin holders.
The coin of the Canto network is CANTO, with a total supply of 1 billion coins. At the time of launch, CANTO’s circulating supply was $150 million. The total supply will be distributed as follows:
- 13% (130 million CANTO) to developers;
- 2% (20 million CANTO) for early adopters who supported the project;
- 45% (450 million CANTO) for long-term liquidity mining in the next 5-10 years;
- 35% (350 million CANTO) for short-term liquidity mining in the coming months;
- 5% (50 million CANTO) to finance the development of projects for the common purpose of the community.
Canto claims to keep inflation in check by letting the Canto DAO community vote on token emissions to match the network situation.