Executive Summary
Q1 marked a foundational phase for retail participation within the Canton ecosystem, with Send playing a central role in enabling both access and activity.
The launch of the Send mobile app and Pool Party introduced the core infrastructure required for users to onboard, bridge assets, and participate in onchain liquidity. Together, these milestones establish the foundation for a more accessible and integrated financial system built on Canton Network.
2. Key Metrics
Key takeaways
- Q1 contributed approximately 26% of total historical transaction volume, indicating accelerated usage following recent product launches
- Transaction count in Q1 represents nearly 14% of all-time activity, signaling increased user engagement and repeat usage
- SEND-denominated transactions account for the majority of volume, reflecting strong native token utilization within the ecosystem
- USDC activity, while smaller in proportion, plays a critical role in onboarding and bridging external liquidity into Canton Network
*SEND volume calculated based on current token price.
3. What Shipped
Send Mobile App (iOS & Android)
- What it is: A native mobile application enabling users to access Send with passkey authentication and full self-custody.
- Why it matters: Establishes Send as an accessible, global entry point for users interacting with Canton Network.
Pool Party (Swap, Earn, Bridge)
- What it is: A unified interface for swapping assets, providing liquidity, and bridging funds within the Canton ecosystem.
- Why it matters: Introduces onchain financial activity directly within the Send app, expanding beyond payments into liquidity and trading.
USDC <> USDCx Bridge (Ethereum ↔ Canton)
- What it is: A bridge enabling users to move stablecoin liquidity between Ethereum and Canton Network.
- Why it matters: Connects external liquidity to Canton, reducing friction for users entering the ecosystem.
- What it is: A system for users to claim rewards and incentives tied to Pool Party participation.
- Why it matters: Activates incentive-driven participation and reinforces early liquidity formation.
4. What Drove Growth
Growth in Q1 was driven by the convergence of product activation and incentive distribution.
Primary drivers
- Mobile app launch, significantly lowering the barrier to entry for new users
- Pool Party activation, introducing immediate utility for assets on Canton
- CC giveaways and incentive programs, accelerating onboarding and engagement
Incentive distribution (Q1)
- 2,000,000 $SEND distributed across Q1January: 500,000 $SEND
February: 500,000 $SEND
March: 1,000,000 $SEND - 80M+ $SEND distributed overall to date
- 25 reward rounds completed
- $1.17M+ USD in total rewards distributed
Observed impact
- User growth increased following the mobile launch and incentive campaigns
- Pool Party contributed to early liquidity formation and repeat user activity
- Incentives played a key role in converting new users into active, repeat participants
5. Strategic Positioning
Send is evolving into a tokenized neobank on Canton Network, designed to bridge retail users into a privacy-enabled, institutional-grade financial ecosystem.
At its core, Send is becoming the primary retail gateway for Canton—combining identity, payments, and onchain financial tools into a single interface.
Core pillars
- Global wallet infrastructure — enabling seamless movement of value across borders
- Integrated financial tooling — from payments to liquidity and yield within one system
- Ecosystem participation — acting as one of the most active builders and collaborators within Canton Network
This positioning reflects a broader shift: from standalone crypto applications to vertically integrated financial platforms built directly on new network primitives.
Send’s model compounds: activity drives liquidity, liquidity enables financial services, and those services generate value that is reinvested into the network. Incentives accelerate early growth, but the system is designed to transition toward usage-driven revenue over time.
6. What’s Next (Q2 2026)
Key priorities
- Launch of Send Connect (Canton Wallet browser extension)
- Expansion of bridging capabilities within Canton Network
- Transitioning the Send app to be fully integrated with Canton Network, while continuing to support a multi-chain user experience
- Expanding Send’s business and institutional product suite, including continued development of products like Send Safe
Focus areas
- Improving access and interoperability across the Canton ecosystem
- Expanding product surface area to support more advanced financial interactions
- Continuing to onboard and activate retail users within the network
Send will continue to double down on its role as the primary interface for retail participation in Canton, while expanding its capabilities across both retail and institutional use cases.
Closing Note
“We focused Q1 on getting the product into users’ hands and giving them something meaningful to do with it. The mobile app and Pool Party together create a full user journey—from onboarding to liquidity—and that’s what drives real, sustained network growth.”
— @ethentree, CEO, Send Foundation
