Layer by Layer: Canto Sees Growth but Also Centralization
Quick Take
- In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding
- New blockchains in the Cosmos IBC ecosystem have been emerging throughout 2022, due in part to continued updates to the Cosmos SDK and IBC functionality
- Among the fastest growing IBC chains is the DeFi-focused Canto chain, which has seen a significant capital influx in recent months
- At the same time, Canto’s sudden growth has revealed some of the key challenges of bootstrapping a new ecosystem, with a largely centralized governing body that poses a long-term risk for the security of the network if left unaddressed
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Author: Kevin Peng
