Why $CC Captures Value Differently Than Any Other L1 Token On Ethereum and Solana, the L1 token is a gas token. ETH and SOL capture transaction fees that are designed to be as cheap as possible. The actual value creation happens in the tokens built on top, ERC-20s and SPL tokens. Massive activity on Ethereum and most of that value accrues to UNI, AAVE, or whatever memecoin is trending, not ETH itself. The gas token captures a thin fee on each transaction. That's it. Canton has its own token standard, CIP-56, and there are already custom tokens on the network: CBTC, USDCx, tokenized treasuries, money market funds. So it's not that Canton only has one token. The difference is what CC actually captures. Every CIP-56 token that moves on Canton, every repo settlement, every stablecoin transfer, every tokenized bond transaction, burns CC to use the Global Synchronizer. CC isn't a gas token designed to be cheap and forgettable. It's the singular burn asset for all institutional activity on the network. On Ethereum, more tokens means more fragmented value. On Canton, more tokens means more CC burned. The diversity of the asset base directly feeds demand for one asset. $280B in daily repo volume. DTCC tokenizing treasuries. USDC bridged over. Wrapped BTC live. Every single one of these burns CC to settle. The more Canton grows, the more CC gets burned. The value consolidates, it doesn't scatter.

I emphasized "gas token" unnecessarily. The difference: fees are USD-denominated with $CC burning on the backend, institutions can use the network without ever holding $CC through fiat traffic balances. Which reduces friction for them, while $CC is burned regardless. So it's closer to a utility token with gas-like properties than a pure gas token.