Canto TVL Doubled In January, Reflecting A Breakthrough For The Emerging Blockchain

Key Points:

• TVL or the dollar amount of assets staked in Canto has climbed to $144 million from $66 million on January 1, this increase in TVL followed an investment by Variant Fund, a venture capital firm, earlier this month.
• Canto DEX, the network’s native decentralized exchange, saw a substantial increase in daily trade volume in January, reaching nearly $60 million from less than $2 million.

Canto, a Cosmos-based Layer 1 blockchain, saw its total value locked (TVL) double in January, marking a milestone for the developing blockchain.

According to DeFiLlama statistics, TVL, or the dollar amount of assets staked in Canto has climbed to $144 million from $66 million on January 1. This 107% increase in TVL followed an investment by Variant Fund, a venture capital firm, earlier this month.

Canto is now the fourth most valued Layer 1 blockchain in the Cosmos ecosystem, trailing only Cronos, Kava, and Osmosis.

It has drawn notice for its emphasis on promoting the development of DeFi apps, which function without charging customers and rely solely on Canto incentives. Subsidies are provided by the network to encourage liquidity providers and lenders to support its decentralized exchanges and lending market.

Canto DEX, the network’s native decentralized exchange, saw a substantial increase in daily trade volume in January, reaching nearly $60 million from less than $2 million at the start of the month, according to CoinGecko data.

Furthermore, according to on-chain data supplied by Dune, the number of assets sent to Canto from bridges with Ethereum surged by more than $70 million in January. Meanwhile, the price of Canto’s native token increased multiple times in January. It is currently trading for $0.39, up 500% from $0.08 last month.

Although Layer 1 blockchain’s strategy to pay developers and public-good DeFi protocols has piqued the interest of the crypto community and investors. Since September, the circulating quantity of it has surged by 158%, from around 164 million to approximately 424 million.

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

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