Key Points:
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.
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
BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…
Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…
Over the years, meme coins have evolved from inside jokes into serious investment opportunities.
Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…
Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…
Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…
This website uses cookies.