In a recent announcement, the Polygon network has revealed that Canto will be migrating to Ethereum ZK-Powered Layer 2. 
The migration will make it possible for Canto, the Layer 1 blockchain, to gain access to, and benefit from Polygons’ liquidity. 

According to a recent report from Polygon, Neo finance is scaling up, as Canto is looking to migrate to a ZK-powered Ethereum L2, which is built with Polygon’s CDK.

Canto, is Layer 1 blockchain-centered around the advancement of decentralized finance, to aid with the facilitation of impactful adoption at the application layer. The platform is now migrating to zero-knowledge Layer 2 on Ethereum powered by Polygon Chain Development Kit (CDK). The goal of the migration is to build a blockchain dedicated to real-world assets.

Migrating to an Ethereum ZK-powered L2 could reframe the structure of the entire Canto community by presenting it with some significant advantages.

Neofinance at scale – Canto is migrating to a ZK-powered Ethereum L2, built with @0xPolygon CDK.

The @CantoPublic community will tap Ethereum’s deep liquidity via a shared ZK bridge without sacrificing user security – a big stride toward neofinance.https://t.co/8uDhLYk1G9

— Polygon (Labs) (@0xPolygonLabs) September 18, 2023

Notably, Polygon CDK is permissionless and open-source tech that can be utilized to carry out designs and build ZK chains that reflect any community’s ethos.

It is also worth noting that chains that are designed using CDK, will be able to sustain their independence, without giving up modularity.

These chains will also have the capacity to join a unified ecosystem of ZK L2s connected, with speedy and seamless access to the Ethereum network.

The future of neofinance is promising, thanks to the new development

Once Canto reaches an agreement with the Ethereum ZK-powered L2, developers will gain access to the network. Canto will also greatly benefit from the liquidity that comes with the Polygon ecosystem.

As the announcement reads;

“If agreement is reached by the Canto Commons, core devs will be able to build a ZK L2 that extends the community’s defining ethos of permissionless sovereignty and liquidity as a public good. By leveraging a shared ZK bridge, Canto will eventually tap the liquidity of a unified Polygon ecosystem with easy access to Ethereum.”

Community security for Canto will be ensured by cryptography and inherited from Ethereum, as opposed to the typical pattern of adopting socioeconomic incentives of fraud proofs.

As Canto joins the growing community of chains that expands the blockspace, the future of neofinance continues to be strengthened.

“Neofinance envisions a new era of financial efficiencies, unlocked at scale, by deploying offchain assets on protocol rails. Blockchain-specific advantages of efficiency, access, and composability can be unlocked for offchain assets through the modular design of Polygon CDK.” The announcement explained.

Canto made its entrance into the market Back in 2022, as a permissionless general-purpose blockchain. The platform looks to provide an EVM execution layer and core financial primitives. In addition to this, Canto is hoping to provide a decentralized exchange, lending market, and unit of account (NOTE).

Meanwhile, Canto Commons, an open and permissionless framework for coordinating the decentralized public protocol, is a product of the core product-level development and improvement carried out on the network.

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Filed under: Bitcoin - @ September 19, 2023 12:23 pm