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.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Featured Image: Shutterstock/WindAwake
The post Layer-1 Crypto Project Erupts 190% in Just One Week Amid Rollout of New Revenue Feature appeared first on The Daily Hodl.
