- Canto, a layer-1 blockchain, has been inactive since August 10 due to a critical consensus issue, with a resolution scheduled for August 12.
- The outage led to significant price fluctuations for Canto’s native token, CANTO, initially causing a dip to $0.03681.
- The outage occurred amid a period of declining on-chain activity for Canto, with its total value locked (TVL) dropping.
Canto, a layer-1 blockchain, has been inactive since August 10 due to a critical consensus issue, with a solution planned for Monday, August 12. This issue has led to a complete pause of transaction processing on the network, bringing all activities on the platform to a stop.
Canto Blockchain Faces Extended Outage
Canto’s development team confirmed the situation through an announcement on the social media platform X. The team confirmed to the users that the disruption would make sure their holdings were safe. The issue, which has caused the blockchain’s normal operations, is attributed to a problem with consensus, a fundamental mechanism required for the network to function correctly.
The development team has planned an upgrade to address the issue and is ready for an upgrade on Monday, August 12, at 12:00 UTC. Once the upgrade is done, normal operations are expected, allowing users to interact with the services offered again. The delay in fixing the issue has raised concerns among the blockchain community, indicating the importance of strong consensus mechanisms in maintaining the network.
Impact on Canto’s Native Token
With an opening price of $0.04016, the CANTO token exhibited a price decline toward an intraday low of $0.03681, marking a % dip. However, this bearish move was short-lived as the asset’s price rebounded, stabilizing above the $0.040 support level. As of press time, CANTO recorded $0.04526, reflecting over a 12% increase in the last 24 hours. This uptick has further impacted its market cap, which now stands at $19.83 million. Adding to this positive price action, CANTO’s 24-hour trading volume painted a similar image, with its price gaining 19.67% to $526,092.
Source: CoinMarketCap
This indicates a heightened increase in trading activity and investor interest in the CANTO market.
Decline in On-Chain Activity
The disruption comes during a period of declining on-chain activity for the Canto network. Data from DefiLlama reveals a substantial drop in the platform’s total value, falling from over $200 million in March to approximately $13.7 million currently. This decrease in TVL reflects broader challenges that Canto has faced in sustaining its early movement.
The post Canto Blockchain Halted; Fix Set for August 12 After Consensus Issue appeared first on Crypto News Land.