We love it when a new chain deployment comes together. There’s nothing quite like the feeling of welcoming new natives into our flourishing Cowmoonity, or taking the chance to explore the frontiers of innovation on a brand new chain.
Today we’re delighted to announce Beefy’s launch on the Canto blockchain, one of the hottest rising L1s in all of Web 3.0. We think this one’s gonna be fun, so hop on board and get ready for the ride. 🎉
Surely by now you’ve heard of Canto? It’s the latest EVM chain on the block, making waves with its bold vision for community and public goods. Though Canto runs on an EVM execution layer, it does so by way of the Cosmos SDK secured by Tendermint consensus. This allows cross-chain compatibility with both EVM and Cosmos blockchains alike.
The key innovation in Canto is the incorporation of Free Public Infrastructure (FPI) in the form of three core financial primitives: the Canto DEX, the Canto Lending Market and the Canto stablecoin $NOTE. Each of these FPI primitives is encoded at the heart of the chain, and operates without charging fees to users. This allows for superior UX and lower costs for the Canto community. Canto’s infrastructure is controlled by $CANTO stakers, whose interests in the growth of the ecosystem mitigate the rent-extractive impulses that are so common in other ecosystems.
Canto is also banking on its vision of a developer’s utopia, rooted in the Contract Secured Revenue (CSR) model. Traditionally, smart contract building blocks (like libraries and wrappers) generate zero revenue for their creators. Though this makes some sense in the world of open source, it can result in market failures where vital development work goes undone because of a lack of incentives. CSR fixes this by allowing contract deployers to claim a percentage of all the transaction fees paid by users when interacting with their contracts, which is enforced at the base layer of the chain.
New Launch Vaults
To get things started, we’re deploying 5 brand new vaults on top of Canto DEX, the FPI primitive DEX built directly into the chain. Canto DEX allows users to access a range of established assets on Canto, and earn native $CANTO token rewards for providing liquidity. $CANTO rewards can be staked to contribute to securing the chain, earning more $CANTO rewards as a result. Alternatively, users can come to Beefy to have those rewards autocompounded back into your favorite LP.
All 5 vaults are now open for business on our app, with more products already in the pipeline. We're also looking forward to welcoming a range of new partners on Canto in the coming months, as we help to build out this new ecosystem and its vital public goods.
Get Me There
We’re sure by now you’re feeling every bit as excited as we are to get started on Canto. Well, we have all the information you need to lift off!
To get started, head over to either the Canto Bridge or the Synapse Bridge. Before you can bridge your assets onto Canto, you’ll need to generate a Canto public key by signing an Ethereum transaction with your EVM wallet. Follow the Canto Bridging Guide in the Canto documentation for more details.
Once your public key is issued, you’ll be free to bridge over from the range of chains available. At the moment, Canto supports bridging for USDC, USDT and ETH, with more options coming soon. Bridging currently takes around 96 blocks on Ethereum (about 20 minutes). Once the transaction is confirmed, you’ll be able to see the funds in your wallet on the Canto Explorer.
For those arriving for the first time, you may need to get ahold of some $CANTO tokens for gas. Check out the Canto Gas Station for a quick top up to start your first swaps. From there, head over to Canto DEX to get your hands on some of Canto’s native $NOTE stablecoin, or to Canto Lending to see the chain's FPI in action.
Let the Adventure Begin
We love a new chain christening at Beefy. With each ecosystem added, we move one step closer to realizing our multichain destiny. We’re delighted to welcome the Canto community on board with Beefy, and can’t wait to venture out into these new lands and explore all that Canto has to offer.
So come and share in the adventure with us! Join in the discussions in our #🍈-canto channel on the Beefy Discord. ⬧︎♏︎︎♏︎︎ ⍓︎︎□︎︎◆︎︎ ⧫︎︎♒︎︎♏︎︎❒︎︎♏︎︎📪︎ ♍︎♒︎︎♋︎︎♎︎︎⬧︎︎✏︎
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