Blockchain

Trading Volumes On The Canto DEX Increase By 200% Before Major Improvements

Key Points:

  • Trading volumes on Canto, a relatively new blockchainlargest ,’s decentralized exchange (DEX), increased by nearly 200% on the previous day as traders staked their bets on the most recent layer 1 hype.
  • Developers receive these fees in the form of non-fungible tokens (NFTs), which they can sell, stake, or post as security for loans.
Trading volumes on Canto, a relatively new blockchain largest,’s decentralized exchange (DEX), increased by nearly 200% on the previous day as traders staked their bets on the most recent layer 1 hype.

Canto is a quick and inexpensive network that enables developers to create financial products, such those for lending and borrowing, on top of the blockchain. Canto operates on the Ethereum Virtual Machine (EVM), a term for the virtual machines that power the Ethereum network.

As of Wednesday, Canto applications had locked over $120 million in value. Over 9% of this ecosystem is made up of the Canto DEX. It matches traders using smart contracts and pays liquidity providers in tokens.

The DEX processed over $63 million in trades in the past 24 hours, a bump from Monday’s figures of just $21 million, setting a new record high. The DEX has seen over $330 million in trading volumes this month so far.

Canto DEX’s procedures to discourage “rent-seeking behaviors,” or strategies predatory developers use to create products that just take value without assisting the larger CT ecosystem, as stated in its technical papers, are attractive to traders.

Without the “capacity to implement fees,” the protocol cannot be modified, has no standard interface, and continues indefinitely, according to the docs.

Canto’s Contract Secured Revenue (CSR) for the leading network

The proposal describes CSR as a fee-splitting model for the Canto network that enables creators of smart contracts to profit from their original work by recouping a portion of the transaction fees paid to the web whenever users engage with their smart contracts.

Developers receive these fees in the form of non-fungible tokens (NFTs), which they can sell, stake, or post as security for loans.

A strategy like this encourages developers to create user-friendly products, which raises revenues and usage of the Canto network and benefits the CT token and associated ecosystem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Gate.io Shatters Records in Total Trading Volume in Q3 2024, with Its User Base Surpassing 17 Million

In the third quarter of 2024, despite a challenging market environment, Gate.io maintained strong growth…

15 mins ago

MEXC Champions the Future of Crypto Content Creation at CCCC

MEXC is proud to partner with the inaugural Crypto Content Creator Campus CCCC event, taking…

15 mins ago

Dtec Announces Global Partnership with DİZAYNVIP to Elevate AI-Driven Mobility Design  

Dtec and DİZAYNVIP partner to merge AI technology with luxury vehicle design, revolutionizing smart mobility…

1 hour ago

Bitcoin Spot ETF Outflows Reach Second Highest in History

Bitcoin Spot ETF Outflows hit $541M on November 4, the second-highest single-day outflow in history.…

5 hours ago

PropiChain’s Token Presale Turns Heads as the First DeFi Platform to Merge NFTs with AI 

The hype around PropiChain’s token presale is due to its innovative integration of NFTs and…

8 hours ago

UK Pension Fund Cartwright Encourages 3% Allocation to Bitcoin Investment

UK pension fund Cartwright advised the country's first defined benefit pension fund to allocate 3%…

10 hours ago

This website uses cookies.