Layer by Layer: Canto Sees Growth but Also Centralization

Quick Take In this weekly series, we dive into some of the most interesting data and developments across the Layer 1 blockchain landscape, from DeFi and bridges to network activity and funding New blockchains in the Cosmos IBC ecosystem have been emerging throughout 2022, due in part to continued updates to the Cosmos SDK and IBC functionality Among the fastest growing IBC chains is the DeFi-focused Canto chain, which has seen a significant capital influx in recent months At the same time, Canto’s sudden growth has revealed some of the key challenges of bootstrapping a new ecosystem, with a largely centralized governing body that poses a long-term risk for the security of the network if left unaddressed