What is Canto?
Canto is a new blockchain on the scene, and it’s got a big mission. It’s designed to be a permissionless general-purpose blockchain running on the Ethereum Virtual Machine (EVM). The goal of Canto is to deliver on the promise of DeFi, which is all about creating new financial systems that are accessible, transparent, decentralized, and free.
At launch, Canto has some pretty cool features. It uses Tendermint consensus and is secured by Canto validator nodes, as well as an EVM execution layer via Cosmos SDK. On top of that, it’s got some core financial primitives that are specifically designed to support the Free Public Infrastructure (FPI).
For example, they’ve got the Canto DEX, which is a zero-fee decentralized exchange for liquidity providers. They’ve also got the Canto Lending Market (CLM), which is a pooled lending platform that’s based on a Compound v2 fork. And on top of that, there’s the $NOTE token, which is a fully collateralized unit of account that’s issued by the CLM. It also serves as a stablecoin that’s pegged to USDC/USDT.
But Canto isn’t just about launching with a bunch of cool features. They’ve got big plans for the future. They want to become the best execution layer for original work, and they’ve got three key ways that they’re going to achieve that.
First, they’re making liquidity a free public good. That means there’s zero fees for liquidity providers, so that protocols, arbitrageurs, and traders can all benefit. Second, they’re trying to be rent extraction resistant, which means that they want to establish free public infrastructure and avoid having core DeFi primitives with governance tokens that could extract rent in the future. And finally, they’re trying to minimize user capture, so they’re avoiding interface-driven user ownership wherever possible. For example, their public infrastructure DEXes won’t have a swapping interface, which means that all users will have to trade through third-party aggregators.
Oh, and one more thing – Canto is all about decentralization. There’s no official foundation, no presale, no vesting, and no venture backers. They’re doing everything they can to support free public infrastructure while eliminating centralized incentives.
All in all, Canto is an exciting new blockchain that’s got a big mission and a bunch of innovative features. If you’re into DeFi, it’s definitely worth keeping an eye on.
Canto NFTs are taking over
The popularity of Canto NFTs can be attributed to speculative buying by traders who hope to profit from the success of new blockchains. People are searching for “the CryptoPunks of Canto,” early NFT projects that may significantly increase in value. This trend has been seen before with the launch of NFTs on Solana, Avax, Doge, and other blockchains, but it typically ends unprofitably. A big buy by whale trader Dingaling contributed to the recent surge in Canto NFTs. It remains uncertain whether these NFTs will still be significant by Valentine’s Day, with Ding betting they will be while others have doubts. Regardless, it is an intriguing development to observe.
Alto Market for NFTs
Alto Market is a public NFT marketplace built on the Canto blockchain that offers a platform for buying, selling, and discovering unique digital items, including collectibles and intellectual property. By converting these items into NFTs, the marketplace ensures their authenticity, allows for secure and non-custodial trading, and provides deep liquidity through DeFi.
One of the key advantages of Alto Market is that it operates as a fee-free platform, but creators have the option to set their own royalty and licensing rates for their collections. This makes it a great place for both buyers and sellers to participate in a thriving digital marketplace.
To bridge USDC to Canto, follow these steps:
- Visit https://canto.io/bridge
- Connect your wallet that holds USDC, such as MetaMask or WalletConnect.
- Approve the transfer of USDC to the bridge contract.
- Wait for the transaction to be confirmed.
- Input the amount of USDC you wish to transfer to Canto.
- Confirm the transaction and wait for it to be confirmed.
- The bridged USDC will now be available in your Canto wallet.
- It is important to note that bridging USDC to Canto is a one-way process, so be sure to only
- transfer the amount of USDC you are willing to convert to Canto. Additionally, be sure to securely
- store your private key and take responsibility for the security of your funds.