TL;DR
- Canto Blockchain Outage: Canto has been inactive since August 10 due to a consensus issue, halting all network transactions. The development team assured users that funds were safe and announced an upgrade scheduled for August 12 to resolve the problem.
- Impact on CANTO Token: The outage caused a 21% drop in the CANTO token’s value, which has been down 83% since May. However, the token showed signs of recovery over the weekend.
- Declining On-Chain Activity: Canto’s TVL has significantly decreased from over $200 million in March to around $13.7 million currently, reflecting challenges in maintaining growth since its launch in August 2022.
Canto, a layer-1 blockchain platform, has been inactive since August 10 because of a consensus problem. The network stopped processing transactions on Saturday, leading to a total standstill in its operations. The development team at Canto addressed the issue through a post on social media platform X, reassuring users that their funds are safe even during this downtime.
Canto chain is currently experiencing an issue with consensus that has caused the chain to halt.
An upgrade to address this issue will be carried out on Monday, August 12 UTC 12:00.
All funds are safe. Once the chain resumes, users will be able to access all activities as…
— Canto (@CantoPublic) August 11, 2024
The recent announcement reveals that an upgrade aimed at resolving the consensus issue is set to be launched on Monday, August 12, at 12:00 UTC. Once this upgrade is successfully carried out, the team anticipates that regular blockchain functions will resume, enabling users to engage in all platform activities as they typically would.
Impact on CANTO Token
The recent incident has significantly affected Canto’s native token. At first, the CANTO token saw a steep drop of 21% in its value and has plummeted 83% since May. Nevertheless, over the weekend, it has begun to recover, easing some of the earlier losses.
The outage comes at a time when the Canto network is experiencing a notable decline in on-chain activity. According to data from DefiLlama, the platform’s total value locked (TVL) has seen a dramatic fall, plummeting from more than $200 million in March to around $13.7 million currently.
Canto’s Journey and Challenges
Canto made its debut in August 2022, quickly capturing the attention of investors with its range of DeFi offerings, such as lending, staking, and liquidity provision. Despite this initial success, the platform has struggled to sustain its growth, as reflected in the recent drop in TVL and the value of its tokens.
The Layer-1 blockchain Canto has been down since Saturday due to a “consensus issue.” The CANTO token saw a significant decline of 21% at first but managed to bounce back over the weekend. According to Etherscan data, only three transactions were recorded on August 10, and there has been no further activity since that date.
“Canto chain is currently experiencing an issue with consensus that has caused the chain to halt,” Canto said in an announcement on X. “An upgrade to address this issue will be carried out on Monday, August 12 UTC 12:00. All funds are safe. Once the chain resumes, users will be able to access all activities as usual.”
Canto experienced explosive growth after going live in August last year, and the TVL surged to more than $200 million in March as investors flocked to a series of DeFi services like lending, staking, and liquidity provision.
On-chain activity has rapidly subsided since then, with TVL dropping to just $13.7 million, according to DefiLlama. The CANTO token has also been down by 83% since May 24.
