Canto, the previously hype-fueled layer 1 blockchain that focuses on DeFi, has experienced a significant slump in TVL as the DeFi market continues to stagnate. oknightcrypto reports
Layer 1 blockchain Canto has experienced a 35% slump in total value locked over the past month as liquidity continues to dry up across the decentralized finance sector.
After going live last August, Canto experienced a now-familiar hype cycle in which it enjoyed a euphoria-filled first coupe of months that saw its TVL jump from less than $1 million to more than $110 million. It's since suffered multiple 60% corrections along with periods of consolidation. Alongside, the blockchain's native token CANTO has tumbled, including a fall of more than 55% over the past six weeks to $0.16, according toCanto is a blockchain that was designed for DeFi services like lending, staking and liquidity provision.
The overall total value locked on DeFi protocols has shrunk from $53 billion to $48 billion since April 15, according to
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