Canto Blockchain Experiences Two-Day Outage

The EVM-compatible blockchain Canto, with a focus on DeFi, ceased operations on Saturday, August 10, due to a “consensus issue,” according to the project’s developers.

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

Data from Etherscan shows that on August 10, the network processed three transactions. Since then, no activity has been observed.

The team promised to present an update to resolve this issue on August 12 at 12:00 UTC (15:00 Kyiv/MSK).

“All funds are safe. Once the network resumes, users will be able to access all activities as usual,” the developers added.

The native token CANTO initially fell by 21%, then recovered over the weekend.

The network experienced explosive growth following its launch in August 2023. In March 2024, the project’s TVL exceeded $200 million.

At the time of writing, the figure had decreased to $13.69 million, according to DeFi Llama. 

Back in September 2023, Canto developers announced plans to transform it into an Ethereum L2 solution based on zero-knowledge proofs.