The Great Pyramids. The Transcontinental Railroad. The World Wide Web. When you start thinking about what can be achieved with pioneering engineering, it’s hard not to be inspired by the incredible achievements of mankind. And for any builder who has taken the time to get acquainted with crypto, it’s hard not to be excited about the future we’re architecting here.
Part of what makes architecture truly astonishing is its longevity… how structures can withstand so much pressure and time, yet still retain their form. But beneath every iconic exterior, the world’s most enduring feats of engineering have one thing in common: flexibility in their foundations.
With this spirit of excitement and inspiration in mind, we here at Beefy are thrilled to announce our latest partnership in the Canto ecosystem, which is aimed at delivering the optimal balance of security and flexibility to one of the most exciting blockchains yet created.
Canto is a layer 1 EVM-compatible blockchain with a radical new design. The philosophy underpinning the chain is an intention to embed DeFi primitives as free public infrastructure on the chain, for the benefit of everyone involved with the ecosystem. Put another way, rather than just creating a landscape on which liquidity can pool naturally, Canto offers pre-existing structures to efficiently direct liquidity, like aqueducts transporting liquidity over the terrain.
Since launching on Canto in February, Beefy has deployed over 30 new Canto vaults, managed as much as $20 million of on-chain assets and consistently contributed around 10% of Canto’s TVL. Through all this success, Beefy has firmly embedded itself as a top 3 protocol on the chain. And now we share the responsibility with the rest of the Canto community to help develop the right kind of structures for its DeFi ecosystem.
However, just like with any complex physical architecture, evolved DeFi primitives also require secure and flexible foundations to allow them to truly shine. So today, we’re pleased to announce Beefy’s involvement in delivering the next phase of Canto’s development - the proliferation of on-chain liquid staking derivatives (LSDs) - with our latest partner sCANTO.
As a quick reminder, liquid staking facilitates the security of proof of stake (PoS) blockchains by enabling both the collective staking of small amounts of capital, and the trading of staked interest through a derivative token. LSDs have spread like wildfire across all major PoS chains, as they’ve garnered a reputation as the optimal balance of security and composability.
And now LSDs are arriving on Canto with the launch of Staked CANTO ($sCANTO)! The sCANTO protocol automatically takes user-deposited CANTO and stakes it with its network of validators to earn rewards. The depositor is issued with a proportional amount of $sCANTO tokens which they can freely trade, transfer or use in composable DeFi. Simply by holding $sCANTO, users are already earning their proportional share of validator rewards, which currently sit at 9.5% APR.
As a community-led chain, it’s no surprise that the broad Canto contributor base would seize the opportunity to create more flexible and secure foundations. The development of $sCANTO brings together a number of major players on the chain, including Canto OGs and friends from Velocimeter and Trebuchet. Now that the project has launched, its quest for decentralization begins with the launch of its $BLOTR token, which will progressively take over the governance of the sCANTO protocol.
Having launched only a couple of weeks ago, it’s amazing to see the sCANTO protocol skyrocket into the top 5 DeFi applications on Canto. And what better way to celebrate than by pairing up with 2 of the other top 5 protocols - Beefy and Velocimeter - to bring the benefits of $sCANTO to users all across the chain!
To kick things off, we’ll be rerouting all of our live Velocimeter strategies from CANTO liquidity pools to sCANTO, instantly delivering to users the benefits of those additional validator rewards. We’re also excited to launch 3 new Beefy vaults on Canto to celebrate, including the new sCANTO-BLOTR vLP on Velocimeter. To round out the migration, we’ll also be reallocating our BIFI-CANTO protocol-owned liquidity to a new BIFI-sCANTO pool, for even beefier returns on your $BIFI.
But that’s not all… the team behind sCANTO will also be bringing the incentives live and direct to Beefy’s users. Starting this week, we’ll be holding a $BLOTR boost on the new sCANTO-CANTO Velocimeter vault, so you too can hold a stake in the sCANTO protocol. The boost will last for four weeks, leaving plenty of time to soak up the benefits. Finally, sCANTO will also be matching our Velocimeter bribes on the new BIFI-sCANTO pair, creating even more reasons for loyal Beefy users to bridge their $BIFI over to Canto. 🎉
When you start thinking about what Canto is seeking to achieve with pioneering engineering, it’s hard not to get excited about the chain’s future. With the launch of sCANTO, the foundations of the chain now have both the security and the flexibility needed to unlock the power of the chain’s DeFi primitives. The liquidity aqueduct is ready to bear load.
We at Beefy are thrilled to be supporting the launch of sCANTO, and delivering some of the value the protocol is creating directly to our users. We look forward to bringing you with us into the next phase of Canto’s development.