Canto blockchain experiences prolonged outage, fix scheduled for Monday

Source: Crypto Briefing

Canto, a layer-1 blockchain platform, has been non-operational since August 10 due to a consensus issue, with a resolution planned for August 12.

The blockchain ceased processing transactions on Saturday, resulting in a complete halt of network activity. Canto’s development team acknowledged the issue via a statement on social media platform X, assuring users that funds remain secure despite the outage.

“Canto chain is currently experiencing an issue with consensus that has caused the chain to halt,” the team said.

According to the announcement, an upgrade addressing the consensus problem is scheduled for deployment on Monday, August 12, at 12:00 UTC. Upon successful implementation, the team expects normal blockchain operations to resume, allowing users to access all platform activities as usual.

This incident has had a notable impact on Canto’s native token. Initially, the CANTO token experienced a sharp 21% decline in value, and is also down 83% since May this year. However, it has since shown signs of recovery over the weekend, mitigating some of the initial losses.

The outage occurs against a backdrop of declining on-chain activity for the Canto network. Data from DefiLlama indicates that the platform’s total value locked (TVL) has decreased significantly, dropping from over $200 million in March to approximately $13.7 million at present.

Launched in August 2022, Canto initially attracted investor interest with its suite of decentralized finance (DeFi) services, including lending, staking, and liquidity provision. However, the platform has faced challenges in maintaining this momentum, as evidenced by the recent decline in TVL and token value.

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Author: Vince Dioquino