Layer-1 Blockchain Canto Experiences Outage Following New Upgrade

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2024-08-11 21:30:54

Blockchain layer 1 network

Last updated:

August 12, 2024 01:30 EDT

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Sujha Sundararajan

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August 12, 2024 01:30 EDT

Why Trust Cryptonews With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews Cosmos-based Canto blockchain, on Sunday, experienced an outage, causing the chain to halt. The disruption occurred after the chain’s ‘Callisto’ upgrade on Saturday.

Canto chain took to X (formerly Twitter), announcing that it has experienced an “issue with consensus,” which has halted the network’s operations.

Further, the chain will carry out another follow-up upgrade to address the outage issue on Monday at 12:00 UTC.

“All funds are safe,” Canto assured. “Once the chain resumes, users will be able to access all activities as usual.”

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

The ‘Callisto’ software upgrade took down the mainnet around 18:43 UTC on Saturday, according to its block explorer. Since then, the blockchain has been unable to process any transactions.

CANTO Price Plummets Post the Outage

CANTO, the cryptocurrency that powers Canto’s Decentralized Finance (DeFi) focused layer-1 blockchain protocol, has slumped in the past 24-Hours. The crypto experienced a 1.37% fall in 1-day and is now trading at $0.039 at press time.

Source: CoinmarketcapCANTO crypto had an exploding year in 2023. CANTO/USD was up a staggering around 530% since the turn of 2023 and hit record highs to $0.60.

However, per DefiLlama data, the chain has fallen to become the 78th largest blockchain by total value locked (TVL). Currently, Canto chain holds TVL of $13.5 million.

Canto blockchain, in September 2023, announced plans to migrate into a ZK-powered Layer-2 chain on Ethereum. However, the blockchain later reversed its decision to remain as a Cosmos-based layer-1 network.

Blockchain Network Disruptions Aren’t New

Blockchain outages, a temporary unavailability of the network, causes transactions to be delayed or stopped completely. In some cases, outages can significantly impact the users and businesses that rely on the network.

One of the recent examples of blockchain outages include Degen Chain, a Layer-3 Blockchain on Base Network. In May, it suffered severe disruption as the network failed to produce a block for over 53 hours. The chain noted that it had stalled due to configuration errors.

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