Trending Project: Canto

A fast-growing L1 is breaking new ground in DeFi.
Donovan Choy Donovan Choy Aug 30, 20222 min read
  1. Ticker: CANTO
  2. Sector: L1
  3. Network: Canto
  4. FDV: $240M
  5. Hotness Rating: 🔥🔥🔥

Tl;dr: A fast-growing L1 is breaking new ground in DeFi.

Canto Lending Market (CLM) UI
Canto TVL - Source: DeFi Llama
CANTO/USDC Price Chart - Source: Slingshot

CANTO has experienced significant volatility following the launch of the liquidity mining program, rising more than 2799% from $0.02 to as high as $0.58 between August 13 and August 18 while having since fallen 56.8% to $0.25. This initial price increase was likely fueled by yield farmers buying CANTO before incentives went live in order to maximize their rewards, while the sell-off has been driven by those farmers selling said rewards coupled with broader market weakness.

Hotness Rating (🔥🔥🔥)

Canto is an intriguing L1 that is pushing the boundaries of DeFi experimentation. While it is unclear if the ecosystem will be able to attract long-term developers and liquidity after incentives run dry, Canto’s unique value proposition and parabolic growth make it worth keeping an eye on over the coming weeks and months.

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