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Jul 18 2022

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  • Timezone: America/New_York
  • Date: Jul 18 2022
  • Time: 12:00 pm



Canto Pre-Liquidity Mining Activations

July 18 update – the team says they are fixing some issues identified in testnet, and an updated launch schedule is TBA.

New layer-1 blockchain launch.

❌ No whitepaper or documentation.

  • Launch Details
    • Canto GovShuttle will be available for Layer-1 governance
    • Bridging will be live on Gravity Bridge
    • Canto DEX will launch
    • Canto Lending Market will launch
    • $NOTE, the unit of account token, will launch
  • Overview
    • Canto is a Layer-1 blockchain delivering core DeFi primitives as public utility protocols, or Free Public Infrastructure (FPI)
    • Each core DeFi primitive is designed to work together as a component of a larger ecosystem of public utility that’s resistant to rent extraction at the application layer
    • 3 core DeFi primitives –
      • Canto Decentralized Exchange (DEX)
        • ungoverned
        • not upgradeable
        • 0% LP fees for stable and volatile pairs
      • Canto Lending Market
        • governance controlled by Canto stakers
        • based on Compound V2 lending logic
      • Canto Decentralized Unit of Account
        • $NOTE is Canto’s unit of account
        • ERC-20 standard token
        • not upgradeable
        • over-collateralized
        • backed by M1 assets ($USDC, $USDT, $ETH, $ATOM, $CANTO, CANTO LP tokens)
        • entire supply of $NOTE in existence is minted and sent to the Canto Lending Market (CLM) smart contract
        • $NOTE can only be borrowed from CLM; no new $NOTE can be created
        • $NOTE supply is controlled by the CLM smart contract, governed by Canto DAO (stakers)
        • CLM contract utilizes interest rates to manage the circulating supply of $NOTE
        • interest rates on $NOTE automatically adjusts up or down every 6 hours based on a Total Weighted Average Price (TWAP) of the market price of $NOTE
        • both the supply and borrow rate for $NOTE are always identical
        • all interest paid on $NOTE will be distributed to lenders, with no interest extracted as revenue by the lending protocol
    • For more information, see here and here
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