Canto is a layer-one blockchain that is compatible with Ethereum Virtual Machine (EVM), operates on a permissionless network, and is designed for general-purpose use. Its primary focus is on DeFi and creating a transparent, decentralized, and free financial system that is accessible to all.
Canto was derived from Evmos, which is a blockchain with a proof-of-stake (PoS) consensus mechanism that is highly scalable and high-throughput. Canto and Evmos were created utilizing the Cosmos software development kit (SDK) and are dependent on the Tendermint Core Byzantine Fault Tolerance (BFT) consensus protocol.
The goal of Canto is to view decentralized exchanges, lending protocols, and units of account as essential public utilities. As a result, Canto offers these services free of charge on its platform. This implies that Canto has integrated a Canto DEX, a Canto Lending Market, and a stablecoin that is backed entirely by collateral.
Canto is at the forefront of promoting the concept of rent extraction resistance as part of its objective to offer free public infrastructure. To achieve this, Canto has developed smart contracts that enable revenue sharing, where 20% of all transaction fees generated by users interacting with a project is allocated to the smart contract creator. This approach aims to establish an innovative space for economic experimentation in the Web3 domain, whereby DeFi builders and NFT creators can jointly reap the rewards of a thriving ecosystem.
How Many CANTO Tokens Are in Circulation?
CANTO serves as the utility token of the blockchain, primarily utilized for staking purposes and covering gas fees. It has a circulating supply of 423,437,418 CANTO tokens and the maximum supply is infinite.
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