Layer-1 Crypto Project Erupts 190% in Just One Week Amid Rollout of New Revenue Feature
An under-the-radar layer-1 crypto project is exploding to new all-time highs this week amid the rollout of a new revenue feature.
Canto (CANTO), a permissionless general-purpose blockchain running the Ethereum Virtual Machine (EVM), is changing hands at $0.403 at time of writing, a more than 120% increase from where it was trading seven days ago.
The 196th-ranked crypto asset by market cap also printed a new all-time high of around $0.442 at one point on Friday.
Canto implemented a fee split model called “Contract Secured Revenue” (CSR) on Thursday, which allows users to earn a portion of the protocol’s transaction fees.
Explains the project,
“CSR allows you to claim a percentage of any transaction fees paid to the network when users interact with your smart contracts. An initial percentage split of 20% is proposed, to be voted on by Canto governance.”
The decentralized finance (DeFi) tracker DeFi Llama notes that Canto’s decentralized exchange (DEX) saw $63.2 million in daily trading volume on Tuesday, a more than 200% increase from the previous day.
The DEX also registered a similar volume on Thursday and Friday and is now the sixth-most popular decentralized exchange on DeFi Llama’s volume dashboard.
Additionally, more than $340 million worth of value has been bridged from Ethereum (ETH) to Canto at time of writing, according to a dashboard developed by Dan Smith, the senior research analyst at Blockworks.
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Author: Conor Devitt
