Canto Chain Ecosystem: How Many Projects Have Been Attracted By Free Components?
After the recent launch of the contract security revenue (CSR) distribution model, the number of transactions on the Canto chain, TVL, cross-chain and other data has grown strongly. DeFiLlama data shows that the TVL on the Canto chain doubled in January, and the daily trading volume of the native decentralized exchange Canto DEX has grown from less than $2 million in early January to around $50 million in February; according to @minion0x data on the panel, the number of active wallets and new wallets on the Canto chain hit record highs last week, and the transaction volume of Alto Market, the main NFT market on the chain, increased significantly.
Canto is a Layer 1 network built on the basis of the Cosmos SDK, but its special feature is that Canto will come with some DeFi functional components, such as the lending market forked from Compound, the DEX forked from Solidly, and the NOTE stablecoin with an over-collateralization mechanism.
Canto believes that the core of DeFi should exist as a free public infrastructure (FPI). It was established to realize the promise of DeFi and help the new financial system become transparent, decentralized, and free in the post-traditional financial era.
In addition, in order to realize the investment of resources in the development and maintenance of public products, as well as free usage, Canto proposes a new contract-secured revenue distribution model (contract-secured revenue) as an incentive.
CANTO is the native token of the Canto network, with an initial supply of 1 billion. It is mainly used to pay gas fees for transactions and can also be used as a validator pledge to ensure network security. CANTO price further multiplied by 5x as on-chain activity surged.
This article will take stock of key applications on the Canto chain.
Canto’s native bridge solution has issued the GARV token. Gravity Bridge enables many different Cosmos-based projects to connect to Gravity and use it to accept ERC-20 assets and vice versa through IBC (Interblockchain communication).
Due to the limitations of the Cosmos SDK, it currently only supports a small number of Token transfers in ETH, USDC, DAI, USDT, and WETH. Because Gravity Bridge is compatible with the EVM chain, the official said that there would be opportunities to launch EVM cross-chain transfers such as Polygon in the future.
Multi-chain cross-chain protocol, which currently supports more than 18 EVM and non-EVM blockchains, is one of Canto’s important cross-chain projects. Canto is Synapse’s latest blockchain that supports cross-chain, and it is also the first time the protocol has entered the Cosmos ecosystem.
The official tweet stated that in the three days from January 27 to 30, more than $1.5 million in assets were transferred to Canto through the Synapse Protocol; on February 2, the Synapse Canto bridge processed a transaction volume of $5 million in a single day. Currently, a few assets such as SYN, NOTE, USDC, and USDT are supported to cross-chain.
Official: CantoSwap and Canto Lending two currently occupy more than 95% of the market share of TVL on the Canto chain.
One of the oldest DEXs on the Canto chain, it currently supports trading functions for Tokens such as BELIEVE, NOTE, ENC, RAB, CANTO, USDC, and USDT. Forteswap has also launched a liquidity function while supporting the trading function. It is a DEX with relatively complete functions on the Canto chain.
The DEX launched in 2022 has issued Token Matrix. Supports asset transactions such as Matrix, CSRG, COGE, OTTO, NOTE, etc., and also provides liquidity functions for users. In addition, users can trade in the four combinations of WCANTO/Matrix, cINU/Matrix, NOTE/Matrix, and CSRG/WCANTO on CantoSwap Liquidity mining. According to DeFiLlama data, CantoSwap TVL exceeded $700,000, a very strong growth since February.
One of the DEXs of the Canto ecosystem, the LEET token, has been issued, which is mainly used to reward liquidity mining, pledge users or other positive behaviors in the community. Leets introduced a dynamic tax model for LEET tokens. When a token is oversold, holders will be punished for selling. LeetSwap has a complete DEX function (transaction and liquidity provision), and users do not need any transaction fees when using its trading function.
Multi-chain aggregation DEX, providing more than 40,000 cryptocurrency transactions covering 7 chains, including Canto, Arbitrum Nova, and Osmosis, and equipped with real-time transaction charts. Slingshot supports 62 Token transactions on the Canto chain, with an average gas fee of about $0.7 and a transaction fee of 0.
NFT trading market
Providence NFT marketplace
The NFT trading market created by Cantoswap claims to be Canto’s first and number one NFT market. Currently, there are four items on sale on the platform market, Canto Longnecks, CantoPunks, Matrix Key, and CANTOADZ, and the royalties have recently been reduced from 10% to 2.5%. Providence has launched the NFT staking function. Users who hold CantoPunks will get 10 MATRIX tokens every day when they stake. When users have CantoPunks and Matrix Keys to pair with each other, the daily MATRIX token rewards will increase to 30.
Alto Market is a free public NFT market on the Canto ecosystem. There are currently more than 60 NFT items for sale on Alto Market. In addition to the regular purchase and sale of NFT on the platform, users can also mint their own NFT. Alto Market charges no transaction fees, and creators have the option to set custom royalties for their collectibles.
Currently, the platform supports four tokens: Canto, wCANTO, NOTE and CINU for payment. According to the @minion0x data panel, Alto Market’s trading volume has increased significantly recently, and it has become Canto’s most important NFT trading market, with more than 2 million CANTO per day, accounting for almost 30% of the contract interaction share on the chain, and driving NFT Players to Canto Panning for gold on the chain. The current No. 1 NFT on the Alto Market is Canto Longnecks (CLNFT), with a floor price of 6,699 CANTO and a trading volume of more than 1.7 million CANTO.
One of the NFT markets on the Canto chain, there are currently 10 NFT items, such as CantoPunks and Matrix Key, sold on its platform. Canto Moon has launched the CMOON token, and holders can use this Token to perform liquidity mining, pledge, or directly mint NFT to benefit.
CANTO NAME SERVICE
CANTO NAME SERVICE (CNS), the CANTO domain name service, was officially launched on February 1. Users can indicate belonging to the “Canto Internet Community” by owning a “.Canto” domain name. The official also learned the lessons of the domain name hype of “ENS” and “.com” and used the anti-squatting price mechanism to price CNS with a variable rate Gradual Dutch Auction (VRGDA, Variable Rate Gradual Dutch Auction).
Canto Public Messaging Service
CPMS (Canto Public Messaging Service) was developed by the CantoadzNFT team. This is an on-chain protocol similar to delivering letters/postcards in reality and aims to be the center of all messaging and sending on the Canto chain. A user can “write a letter” on the chain to convey a message to another user through CPMS and attach a stamp (a set of stamps costs 10 CANTO). In addition, it also provides Gas gas station services, and users can keep enough for gas stations by purchasing official NFTs with no supply limit (priced at 50 CANTO). Users can get up to two Gas Fee supplements (3.3 CANTO once) at CPMS Gas gas stations.
An important tool for exploring the CANTO ecosystem. In addition to displaying CANTO’s important projects, Canto Tools also provides users with a calendar of major ecological events, data analysis tools, quick use of cross-chain bridges, and some educational content that needs to be learned in the ecosystem, etc. function to help users understand and use the Canto network more comprehensively.
Kanto Game is the first game built on the Canto ecosystem, and the game interface/playstyle is similar to Pokémon. Players need to find and fight the elves, capturing and collecting them using Kantó balls. There are a total of 151 species of elves in the game for players to capture and explore. Each elf is a tradable NFT. Players can exchange NFT back for CANTO in a timely manner to make a profit.
Canto’s concept of decentralization and contract security income and fee distribution model have raised people’s expectations for the project. At this stage, its ecosystem is still in its infancy, and it deserves long-term attention, but we should be cautious about the hype of CANTO’s price.
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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