Layer-1 Crypto Project Erupts 190% in Just One Week Amid Rollout of New Revenue Feature

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.

Source: DeFi Llama/Twitter

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.

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