The Canto blockchain has been offline since Saturday, August 10, following a critical “consensus issue” that has severely disrupted its operations. During this period, the CANTO token fell by as much as 21% but began to recover over the weekend. Etherscan data reveals that only three transactions took place on August 10, with no subsequent activity reported.
In an update posted on X, Canto acknowledged the problem, stating, “The Canto chain is currently halted due to a consensus issue. We are scheduled to deploy an upgrade to fix this on Monday, August 12, at 12:00 UTC. Rest assured, all funds remain secure. Normal activities will resume once the upgrade is complete.”
The outage follows the recent “Callisto” upgrade, which appears to have precipitated the consensus difficulties. Since its launch in August 2023, the Canto blockchain experienced rapid growth, with its total value locked (TVL) climbing to over $200 million by March 2024.
This surge was driven by strong engagement with various DeFi services such as lending, staking, and liquidity provision. However, on-chain activity has dwindled since then, with TVL now at just $13.7 million, as reported by DefiLlama. Additionally, the CANTO token has plummeted by 83% since May 24.
The Canto development team is working diligently to implement the necessary upgrade to restore network functionality. The community remains hopeful that this solution will address the current issues and bring the blockchain back to its usual operations.
