Canto rallies 13% following plans to migrate to Ethereum as layer2 network
Canto, a Cosmos-based layer1 network, plans to migrate to Ethereum as a layer2 network....
- Canto, a Cosmos-based layer1 network, plans to migrate to Ethereum and become a layer-2 network.
- The CANTO token jumped by nearly 13% following the news.
- Canto core developers will build a zero-knowledge rollup on Ethereum Layer-2 using the Polygon Chain Development Kit.
- The move reflects a significant step toward a "neofinance" future, bringing off-chain assets onto crypto rails.
- Other networks like Astar, Palm, IDEX, and Gnosis Pay have made similar moves to build ZK rollups on Ethereum's second layer using Polygon CDK.
- The migration of layer-1 networks to Ethereum's second layer coincides with the maturation of the layer-2 ecosystem.
- Major layer-2 networks like Optimism, Polygon, and Arbitrum are experiencing growth in distinct domains.
- Arbitrum stands out as a dominant force in decentralized finance (DeFi), boasting high liquidity and total value locked (TVL).
- Coinbase Layer-2 Base has also demonstrated significant transaction volume and a growing user base.
The sentiment of the article is generally positive, highlighting the growth and potential of layer-2 networks, particularly in the context of Canto's migration to Ethereum and the emergence of specialized networks.