Canto Blockchain Experiences Major Downtime Due to Consensus Issue

Canto Blockchain Faces Downtime Due to Consensus Issue

The layer-1 blockchain, Canto, has been experiencing significant downtime since Saturday as a result of a critical “consensus issue.” This disruption led to an initial drop of 21% in the value of its native token, CANTO, although it managed to recover somewhat over the weekend.

Data from Etherscan indicates that only three transactions were processed on August 10, and there has been no blockchain activity since that date. In an official announcement shared on X, Canto stated, “Canto chain is currently experiencing an issue with consensus that has caused the chain to halt.” The team added that an upgrade is scheduled to address this issue on Monday, August 12 at 12:00 UTC, assuring users that all funds are safe. Once the upgrade is implemented and the chain resumes operations, users can expect to access all activities as they normally would.

Canto had previously witnessed a remarkable period of growth following its launch in August of the previous year. Total value locked (TVL) surged to over $200 million in March as investors flocked to various DeFi services, including lending, staking, and liquidity provision. However, on-chain activity has sharply decreased since that peak, with TVL now dwindling to just $13.7 million, as reported by DefiLlama. Furthermore, the CANTO token has suffered a staggering decline of 83% since its high on May 24.