Two Altcoins Soared with Critical Developments: Here’s What Happened!

The cryptocurrency space witnessed a significant development today as Canto, a Cosmos-based layer-1 network, announced its ambitious plan to migrate to Ethereum (ETH) and transform into a layer-2 network. This announcement sent shockwaves through the crypto community and the CANTO altcoin experienced a significant price increase. On the other hand, the acquisition of DWF Labs caused a jump in the SPELL coin. Here are the details…

Altcoin CANTO rose 13 percent

Surprisingly, following the transition announcement, the value of the CANTO token increased by approximately 13%, reaching $0.1285 at the time of writing, according to data. This significant price increase underscores the market’s excitement about Canto’s transition to Ethereum’s layer-2 ecosystem. Canto’s core development team chose to leverage the Polygon (MATIC) Chain Development Kit (CDK) to create a zero-knowledge rollup on Ethereum’s Layer-2. This strategic move allows Canto to leverage the liquidity of the combined Polygon ecosystem while providing easy access to Ethereum.

Sandeep Nailwal, co-founder of Polygon, expressed excitement about the transition of Canto and its potential to accelerate the “neofinance revolution.” He emphasized that they are focused on bringing off-chain assets onto the crypto rails while providing reliable and secure access to Ethereum’s liquidity. “A Canto L2 will have a reliable ZK bridge to Ethereum out of the box, while maintaining L1 sovereignty,” Nailwal added. Canto’s move to Ethereum’s second layer is in line with a broader trend in the cryptocurrency space. Several layer-1 networks are making similar moves to take advantage of the maturing layer-2 ecosystem.

Layer-2 networks are gaining importance

The plan is for all CDK-backed chains, including Astar, Palm, IDEX and Gnosis Pay, to be interconnected and interoperable, providing access to shared liquidity across various chains. As Layer-2 solutions mature, specialized networks are emerging to address specific use cases. Optimism (OP) has established itself as a superchain, while Arbitrum (ARB) dominates the decentralized finance (DeFi) landscape with the highest liquidity and total value locked (TVL) among layer-2 networks. Coinbase Layer-2 Base is also attracting attention, becoming an attractive option for decentralized social applications.

DWF Labs’ cryptocurrency transactions attracted attention

As a parallel development, on September 19, DWF Labs, one of the important market makers of the cryptocurrency market, continued its purchases of altcoins. Lookonchain, a popular cryptocurrency platform, reported that DWF Labs withdrew 3.3 million SPELL tokens worth $1.57 million from the Money MIM Treasury Wallet on the same day. This move caused a 16 percent increase in the price of SPELL on Binance, with SPELL briefly reaching $0.0005433 and currently trading at $0.0005223 at the time of writing. However, it is worth noting that minutes ago, DWF Labs transferred 1,000 SPELL to Binance.

To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.

source site-1