Canto rallies 13% following plans to migrate to Ethereum as layer2 network

Canto, a Cosmos-based layer1 network, plans to migrate to Ethereum (ETH) and go a layer-2 network.

Following the news, the CANTO token jumped by astir 13% to $0.1285 arsenic of property time, according to CryptoSlate’s data.

Canto to physique connected Polygon.

Canto halfway developers volition physique a zero-knowledge rollup connected Ethereum Layer-2 utilizing the Polygon (MATIC) Chain Development Kit. Polygon Labs says Canto tin pat “the liquidity of a unified Polygon ecosystem with casual entree to Ethereum.”

“By joining a increasing fig of chains that extends blockspace, the determination reflects a important measurement toward a “neofinance” future, oregon the protocolization of existing finance,” Polygon added.

Polygon co-founder Sandeep Nailwal expressed delight with the move, noting that Canto’s migration would “turbocharge the neofinance revolution.” He added:

“The absorption of a ZK-migrated Canto L2 is neofinance – bringing off-chain assets onto crypto rails. But to bash this, the Canto assemblage needs to beryllium capable to pat Ethereum’s liquidity successful a trustless and unafraid way, without compromise. A Canto L2 volition diagnostic a trustless ZK span to Ethereum, out-of-the-box.

At the aforesaid time, Canto retains its L1 sovereignty, adjacent arsenic the assemblage scales its halfway ethos of liquidity arsenic a nationalist good.”

Other networks, including Astar, Palm, IDEX, and Gnosis Pay, person made akin moves to physique ZK rollups connected Ethereum’s 2nd furniture utilizing Polygon CDK. Nailwal stated, “the program is for each CDK-powered chains to beryllium interconnected and interoperable, with entree to the shared liquidity of each different chains.”

Layer2 networks specialization

The migration of respective layer-1 networks to Ethereum’s 2nd furniture is concurrent with the maturation of the layer-2 ecosystem. New specialized networks are emerging successful effect to these developments.

Blockchain analytical steadfast IntoTheBlock reported that large layer-2 networks are experiencing maturation successful chiseled domains.

Optimism (OP), for instance, is carving a niche for itself arsenic a superchain. Many networks are adopting the OP stack for their layer-2 solutions. Meanwhile, Polygon and Arbitrum (ARB) actively enactment scaling solutions done their respective technologies.

In decentralized concern (DeFi), Arbitrum stands retired arsenic a ascendant force, boasting the highest liquidity and full worth locked (TVL) among each layer-2 networks. Coinbase Layer-2 Base has besides demonstrated important transaction volume and a increasing idiosyncratic base, positioning it arsenic an charismatic enactment for decentralized societal applications.

The station Canto rallies 13% pursuing plans to migrate to Ethereum arsenic layer2 network appeared archetypal connected CryptoSlate.