Key Takeaways
- CANTO token price initially dropped by 21% following the outage but began to recover over the weekend, with a reported increase of over 30% on August 12.
- Canto stated that an upgrade to address the consensus issue will be carried out on Monday, August 12 UTC 12:00.
The Canto blockchain, a layer-1 network built on the Cosmos framework, has been offline since August 10 due to a significant “consensus issue” that has halted all network activities. The issue led to a temporary suspension of transactions and smart contract executions. The Canto team has announced plans to implement an upgrade on August 12 at 12:00 UTC to resolve the problem.
The network’s current outage follows a scheduled upgrade called Callisto, which was locked in on August 9 at 14:30 UTC. Data from CantoScan shows that the last transaction on the blockchain occurred at 2:29 AM UTC on August 11. Etherscan data indicates no new transactions in the last 33 hours and only two transactions in the past 46 hours.
On August 12, Canto’s team confirmed the consensus issue and detailed their plan for the upgrade. “Canto chain is currently experiencing an issue with consensus that has caused the chain to halt,” the announcement on X stated. “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 usual.”
Despite the ongoing outage, Canto has reassured users that their funds are secure. The team emphasized that normal operations will resume following the upgrade. The price of the CANTO token initially dropped by 21% following the outage but began to recover over the weekend, with a reported increase of over 30% on August 12.
Canto, launched in August 2022 achieved notable growth in its early months, with its total value locked (TVL) soaring to over $200 million by March 2024.
Network outages like this are common in the Web3 space. Earlier this week, Solana infamous for its outages patched a critical vulnerability that could have caused a network-wide outage. On February 25, a technical problem caused the Solana network to experience a network outage which lasted 5 hours. In June, Stacks, a Bitcoin layer-2 scaling network, experienced a major outage as block production stalled for nearly nine hours.