Canto cryptocurrency grew by 720% in January

The Canto cryptocurrency (CANTO) hit an all-time low on January 2, 2023, when the token price dropped below $ 0.069. However, over the next 30 days, CANTO showed a huge increase of more than $ 0.571 — up 720%.

Editor’s note: not financial advice!

The surge in the price ofoccurred after Variant Fund invested an undisclosed amount of money in the project. According to analysts, CANTO’s attractiveness to investors can be attributed to its balanced tokenomics, thriving ecosystem, and DeFi innovations hard-coded into its design.

Launched in the third quarter of 2022, Canto is a Tier 1 blockchain that runs on the Ethereum Virtual Machine (EVM). One of Canto’s main goals is to provide tools used by DeFi proponents. It secures its network with Tendermint Core as a less energy-intensive replacement for the proof-of-work algorithm.

Canto’s developers have created a Contract Secured Revenue (CSR) incentive mechanism, through which DeFi developers can receive up to 30% of the commission generated by their protocols. This encourages Web3 specialists to use the ecosystem.

As for the flagship cryptocurrency, January 2023 was the most efficient month for bitcoin for the first time since 2021. According to experts, BTC $95,907.28 Bitcoin -0.21% Market capitalization $1.9 trillion VOL. 24 hours $2.26 billion has grown by 38% since the beginning of the year. Previously, the asset pleased its holders so much back in October 2021, when the BTC rate gained 41%. On the night of February 1−2, bitcoin broke through the $ 24,000 level. This happened against the backdrop of the Federal Reserve’s (US Federal Reserve) announcement that it would raise its key policy rate by 25 basis points to 4.5%-4.75% per annum.