Canto redirects to layer two on Ethereum

Following in Celo’s footsteps, Canto made the decision to move from layer one to layer two on Ethereum, but started out functioning with Polygon.

Canto redirects to layer two on Ethereum. Photo: TheBlock

According to the most recent announcement, the Canto layer one blockchain constructed on Cosmos will quickly turn out to be layer two Ethereum primarily based on zero-expertise evidence technological innovation.

We are energized to announce that Canto is setting up @0xPolygonLabs to migrate to ZK L2 on Ethereum, primarily based on the Polygon Chain Development Kit (CDK).

This ZK chain will be devoted to actual-globe assets to assistance the following wave of application-degree adoption by way of neofinance. pic.twitter.com/x04dMIHsg7

—CantoPublic (@CantoPublic) September 18, 2023

Canto is now functioning with the Polygon growth workforce to leverage the Polygon Chain Development Kit (CDK) for the new layout. Additionally, the task will shift its target to actual-globe assets (RWA). Canto stated:

“After thorough evaluation, we believed that Polygon CDK is the optimal solution that can help Canto build ZK L2 that expands sovereignty, security and liquidity.”

Initially, Canto was a layer one blockchain launched in September 2022, targeted on creating DeFi answers. Canto is constructed on the Cosmos platform and has a constructed-in EVM for seamless connection to the Ethereum network. The peak time period of the protocol was in early 2023, when the CANTO token occasionally doubled its value and reached the major ten blockchains with the highest DEX transaction volume.

CANTO value is moving really positively and has enhanced by pretty much twenty% in the final 24 hrs. At the time of creating, CANTO is trading all over the USD .13 mark.

CANTO value fluctuation on the every day frame, screenshot from CoinMarketCap at 09:ten on September 19, 2023

But this is not a uncommon choice on the market place, particularly this 12 months. In July, Celo took a equivalent stage, getting layer-two primarily based on Optimism’s OP Stack technological innovation.

Even the “Godfather of DeFi” Andre Cronje, the particular person behind the Fantom Foundation, unveiled his intention to “change clothes” for Fantom, creating Optimistic Rollup, while he as soon as criticized this technological innovation.

Besides Canto, there are numerous tasks that create zkEVM layer-two with Polygon this kind of as Astar, Immutable, IDEX, and Palm Network.

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