Canto returns to the Cosmos layer-1 nature, instead of becoming a Shard of the puzzle on Ethereum as announced.
Canto abandoned the idea of doing layer-2, coin prices increased. Photo: Blockworks
Blockchain layer-1 Canto reverses the intention to transform itself into layer-2 on Ethereum.
The plan to change direction to layer-2 was revealed by Canto last September. At that time, Canto decided to join hands with Polygon , to take advantage of this blockchain's CDK toolkit. However, to date, the above decision is no longer valid. The latest announcement states:
"Over the past few months, we have worked closely with Polygon to research integration and came to the conclusion that we will use their Type-1 prover to retain the original layer-1 nature, instead of redirecting to do layer-2 as before. This decision has been agreed upon by the project team."
Also in this announcement on March 15, Canto introduced a new update called "Cyclone Stack", aimed at expanding the scale and improving the performance of the blockchain. The update will include 3 main upgrades: Calristo, Kallichore and Elara.
Canto says its Cyclone stack will be fully compatible with all EVM tools and applications. They consider this comprehensive upgrade to be a major step forward in achieving high performance and scalability for Canto.
Canto launched in September 2022, focusing on developing DeFi solutions. This Layer-1 is built on the Cosmos infrastructure and has a built-in EVM to seamlessly connect to the Ethereum network. The peak period of the protocol was early 2023 , when the CANTO Token sometimes doubled in price and reached the top 10 blockchains with the highest DEX volume .
In the past 24 hours, CANTO has increased strongly by more than 15% and reached the top gain in the market. Token are currently changing hands at a price of 0.3 USD per coin.
CANTO price fluctuations from October 2023 to present, screenshot of CoinMarketCap at 11:20 AM on March 18, 2024
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