The New Public Chain Canto Ecology: Using Stablecoins for High Annualized Liquidity Mining

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Original title: "Humble Farmer's CANTO Guide - Earn 4 digits APR farming on CANTO"

Original source: The Farmers Club

Original compilation: 0x214, BlockBeats

The market has been flat for the past few days, but in August The market is still expected to experience volatility ahead of the Jackson Hole (Jackson Hole) global central bank annual meeting on the 26th. To remind myself not to act impulsively, I just posted a sticky note on my computer monitor that read "No Overtrading!".

At the same time, I have been working on the decentralized trading platform Perpetual Protocol and the Canto public chain are relatively easy to obtain income, and I will focus on the latter in this article. If you are interested in earning over 600% APR with the NOTE stablecoin, take a look below.

< p>Canto was initially a fork of the EVMOS chain, an EVM compatible Layer1 public chain based on the Cosmos SDK. Canto claims to be a completely decentralized blockchain, with no Token pre-sale, no official team, and no VC capital support. The project is built by several core contributors including Scott Lewis of DeFi OG, Defipulse and Slingshot co-founder.

For more information about Canto, please click here.

First of all, we need to understand that building a new public chain is very risky. After all, Canto and its infrastructure have not been "battle tested". I am not specifically here to tout (shill) Canto, and the number of CANTO Tokens I actually own is not much. At present, Canto is still small in size and has poor mobility. However, there are some opportunities for yield farming with lucrative yields.

I personally think that the idea of Canto providing core DeFi primitives as a free public infrastructure is experimental, and I am looking forward to the follow-up development of Canto.

Canto does not rely on third-party builders, but independently builds three basic DeFi primitives Language: Decentralized trading platform, Canto lending market and Canto unit of measurement Token NOTE. Canto provides these services to users almost for free, and none of these products will issue any governance tokens or charge fees.

Other existing protocols serve their communities more like "pay by the hour private parking lots,” while Canto’s Free Public Infrastructure (FPI) is more akin to giving members of its community “free parking on city streets.”

Details can be found at its Official Documents. This article does not discuss Canto technical content, but focuses on how to transfer assets across chains.

Cross-chain Bridge

You can now use Canto's bridge to bridge USDC from the Ethereum mainnet , USDT or wETH, or bridge ATOM to Canto via IBC transfer (for detailed tutorial click here).

Before you start, you can ask your friends for some CANTO Token as a gas fee or join CANTO discord , I'm sure there will be plenty of community members willing to help. A simple swap exchange typically costs $0.05, which is about 1.5 cents.

Canto bridge interface

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Because I don’t have much spare funds on the ETH mainnet, so I use across.io Bridge some assets from Arbitrum, and then bridge wETH from the mainnet to Canto, the following are the detailed steps.

Step 1  Before bridging assets to Canto, the system will prompt you to generate a Canto public address for your little fox wallet address key. Only one public key needs to be generated for each wallet address. This way you can sign Cosmos transactions from Fox addresses without interacting with the private key.

< p>Step 2 Select the Token you want to bridge and enter the quantity. Please note that for quantities less than 1, please manually enter the number 0 in the ones place (eg 0.99).

Step 3 Confirm the approval transaction in your wallet , to approve the transfer of the asset to the cross-chain bridge.

Step 4  Sign the message in the wallet to confirm the transfer .

< p>After successfully bridging assets to Canto, you need to convert Canto native assets to Canto EVM assets to use all dApps. You can use the convert page here. A complete bridging tutorial is also available in the official documentation Check out.

DEX & Mining

Think To convert to other Tokens, you can use Slingshot . I have to say that the chat room function on the redemption page is quite funny.

After getting some other tokens, you can use here increases liquidity LP.

Slingshot interface

Canto LP Interface

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After adding LP, to start earning CANTO rewards, you must use the navigation to go to the lending page. Approve the LP pair and stake your LP Token. After finishing, you will find a button in the upper right corner that says "Claim LM Rewards", this is where your rewards are displayed, click on it, you will find a detailed classification, and a dedicated button for claiming rewards . The following is the current APR paid in CANTO Token on August 21:

CANTO/ATOM: 1,817 %

CANTO/ETH: 1,687%

CANTO/NOTE: 1,259%

NOTE/USDC: 622%

NOTE/USDT : 629%

USDC: 9.33%

USDT: 19.6%

Currently APR

NOTE Token is an over-collateralized ERC-20 Token that is soft-pegged to the US dollar. NOTE can only be obtained by depositing USDT, USDC and NOTE and borrowing from the lending market. Since launch, the NOTE price has fluctuated and is 30% above the anchor price. Before buying, lending or injecting NOTE Token liquidity, please consider that NOTE has the risk of unanchoring.

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My current strategy on Canto is to mine NOTE/USDT Token pair with a small part of the investment portfolio, and then transfer the CANTO Token rewards to the CANTO/ETH pool. If you don't want to choose ETH Token pair, you can choose to use CANTO/NOTE pool).

I confirm that CANTO Token may have some upside in the short term, although it is extremely inflationary Obvious (but I prefer mining CANTO to buying in bulk). Even with four-figure APR, Canto's current TVL is just over $20 million (albeit rapidly growing). According to data from DUNE , only about 1,500 users choose to bridge assets from the ETH mainnet to Canto, as more and more Builders trade on Canto and I think that number could double or triple in a short period of time.

Dune Dashboard

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Canto Quant, one of Canto's contributors, also sorted out Canto's ecological Project Collection.

Since Canto is still in its early days At this stage, there are many memecoins that are estimated to be rug in the near future, so please carefully decide where your hard-earned Token will go. The best way to find solid new projects is to join the CANTO discord and check out the "canto native projects" channel.

I don’t think what CANTO is doing is breakthrough, and I don’t think CANTO will It really went up 10 times, especially in the context of the market where ETH fell 25% last week. However, the rate of return of liquidity mining here is too attractive, as a degen, it is impossible to remain indifferent.

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