Canto, a layer-1 blockchain initially focused on decentralized finance (DeFi), is migrating to a zero-knowledge Layer 2 solution on Ethereum using Polygon Chain Development Kit (CDK). This move is part of Canto’s plans to build a blockchain dedicated to real-world assets. The development comes amidst a significant shift in the Ethereum layer-2 space.Canto, which was launched in 2022, offers an EVM execution layer and essential financial tools, with its development governed by the Canto Commons, an open framework. Once consensus is achieved within the Canto Commons, core devs will be able to build a ZK L2. With the help of a shared ZK bridge, Canto will eventually leverage the liquidity of a “unified Polygon ecosystem” with easy access to Ethereum.Canto is set to integrate the Plonky2 ZK, proving implementation and maintaining its proof-of-stake validator set for decentralized sequencing. This transition will not impact Canto’s validators or stakers, ensuring continuity for them while enhancing decentralization and trustless assurances for users engaging in asset bridging. Furthermore, Canto’s developers will shift towards utilizing a shared ZK bridge for handling canonical assets.The migration to an Ethereum ZK-powered Layer 2 represents a step towards a “neofinance” future, emphasizing the protocolization of traditional finance. The main objective of neofinance is leveraging blockchain technology for greater financial efficiency at scale, while Polygon CDK is tasked with providing the necessary modular infrastructure. This approach prioritizes deep liquidity while maintaining security and trustlessness through Ethereum’s ZK-powered Layer 2.Polygon recently released a toolkit designed for developers, enabling them to build blockchain networks powered by ZK proofs. This open-source codebase, known as the Chain Development Kit (CDK), allows developers to build customizable layer-2 chains using Polygon’s ZK technology, with the ability to interconnect these chains through a ZK-based bridge, creating a unified ecosystem referred to as the “Value Layer.”Canto is joining a growing list of projects, including Astar, Gnosis, and IDEX, that have revealed their intentions to build ZK layer-2 solutions utilizing Polygon’s Chain Development Kit over the past few months. The move reflects a significant step towards a “neofinance” future or the protocolization of existing finance, envisioning a new era of financial efficiencies, unlocked at scale, by deploying offchain assets on protocol rails.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 10 |
| People | None |
| Companies | Polygon, PrimeXBT, Ethereum, Binance, Canto |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
