Canto, a layer-1 blockchain focused on providing Decentralized Finance (DeFi) services, has been attracting a lot of attention in the cryptocurrency industry. It has skyrocketed to become the 4th largest Cosmos blockchain, with a total value locked (TVL) of over $140 million. Also, the recent investment from venture capital firm Variant Fund has sparked excitement for Canto’s future in the DeFi space.
Canto Soars to 4th Largest Cosmos Blockchain with Over $140 Million in TVL
According to Defi Llama, Canto has skyrocketed to become the 4th largest Cosmos blockchain, with a total value locked (TVL) of over $140 million. It also found that the number of Canto users has more than doubled since December.
The total value of assets staked on the network has seen a substantial increase, growing from $66 million in January to $144 million. This surge of 118% in total value locked came after an investment from Variant Fund, a venture capital firm, earlier in the month.
Canto was introduced in August and operates as an Ethereum-compatible blockchain running on the Cosmos platform, which refers to itself as the “interconnection of blockchains” linking various blockchains into a unified meta-blockchain network. As stated on its official website, it has been designed to fulfill the potential of DeFi.
Canto has gained recognition for its approach to stimulating the creation of DeFi applications that do not charge fees from users and instead rely on incentives provided by Canto. The network offers subsidies to attract liquidity providers and lenders who participate in its decentralized exchanges and lending marketplace.
Variant’s Investment Sparks Excitement for Canto’s Future in DeFi Space
Canto has seen a rise in attention and support after Variant, a renowned venture capital fund in the cryptocurrency industry revealed its investment in the project. Variant holds the conviction that the utilization of cryptocurrencies has the potential to speed up and expand the growth of internet economies by enabling a more equitable and efficient distribution of value in markets. Canto serves as a prime example of this ideology.
Canto has been generating a lot of buzz as a red-hot altcoin. It functions as a layer-1 blockchain and strives to offer a range of DeFi services. Since the start of the year, Canto experienced significant growth with an increase of 452.3%.
Data from CoinGecko reveals that the daily trading volume of Canto DEX, the network’s built-in decentralized exchange, experienced a remarkable increase in January, rising from under $2 million to over $50 million.