Canto

Canto is a Cosmos SDK Layer 1 that provides a decentralised exchange, a lending market and the NOTE stablecoin as free public infrastructure, with no protocol fees and parameters set by validators and token holders. Components include an AMM in the Cyclone line, a lending module and an interest-anchored NOTE; CANTO is used for staking and governance, and the network once ran a contract security leasing mechanism that returned part of the fees to developers. It targets base DeFi layers elsewhere that rent-seek and stack costs on developers and users.

A public-goods design can attract liquidity quickly during a subsidy phase, but it also means the protocol earns nothing to fund long-term development and security. In 2026 Canto announced no major upgrade or partnership, on-chain liquidity sits at a low level, the token is roughly 99% below its peak with a market value in the low millions, and the team remains anonymous with no hard cap on issuance. Low fees still appeal, but thin liquidity and exit depth are the more practical risks, and large deposits should weigh slippage first.