The Canto blockchain is experiencing an extended outage, with a fix scheduled for Monday

Share this article

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

The blockchain stopped processing transactions on Saturday, bringing the network to a complete halt. Canto’s development team acknowledged the issue in a statement on social media platform X, assuring users that funds remain safe despite the outage.

“The Canto chain is currently experiencing a consensus issue that has caused the chain to shut down,” the team said.

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

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

The outage comes amid a drop in on-chain activity for the Canto network. Data from DefiLlama indicates that the platform’s Total Value Locked (TVL) has dropped significantly, falling from over $200 million in March to around $13.7 million today.

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 drop in TVL and token value.

Share this article