Cosmos-based layer-1 blockchain Canto is working to implement an upgrade on Monday to combat its ravaging 33-hour network outage. According to the network, the outage surfaced due to a consensus issue.
As per CantoScan block explorer, the Canto blockchain has stopped operations for almost two days. As revealed, the last transaction on the network took place at 2:29 am on August 11, 2024, by block 10847516.
Etherscan indicated that no new transactions have reflected on Canto in the last 33 hours and the network has only recorded two transactions in the last 46 hours. While providing details on the reason behind the network issue, in a post released on Sunday, Canto revealed that despite the outage, users’ funds remain intact.
Additionally, the platform revealed that users will be able to perform their regular activities once the network resumes operations. Meanwhile, in the announcement, Canto only attributed the shutdown to the network consensus issue without giving further details.
However, there is speculation that another update, Callisto could be the reason behind the network issue. The Callisto upgrade is locked in for the blockchain on August 9 at 14:30 UTC.
More so, Canto failed to establish if there is any connection between the recent network downturn and the Callisto upgrade. As of press time, the network remains down and is yet to resume full operations.
Side Note On Canto
Canto launched in August 2022, branding itself as a permissionless multi-purpose network that is specifically designed for decentralized finance (DeFi) applications. The network gained relevance due to its Ethereum Virtual Machine (EVM) compatibility.
In September 2023, the Blockchain revealed plans to fully migrate to the Ethereum network and transform to a layer 2 network. Around March 2023, the network eventually ditched the plan and opted to remain as a layer 1 blockchain.
According to DefiLlama, Canto is presently the 80th largest network by total value locked. As disclosed, the network has a TVL worth $13.69 million.Â
Around February 2023, the network experienced a surge in terms of transaction volume. Ever since Canto has endured a sharp decline that saw reduced activities on the network.
Market data provided by Coinmarketcap established that the network token of the network, CANTO, has recorded a sharp downfall in the last 30 days. CANTO which is presently trading at $0.04538 and has shredded more than 41% of its value within a month.