Ethereum

CANTO

DeFi

Cosmos

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/canto-blockchain-faces-major-outage" data-wpel-link="internal" rel="noopener noreferrer nofollow">Canto Blockchain Faces Major Outage</a><br></p>
<p style="text-align: justify">Canto, a Layer-1 blockchain built on the Cosmos network, suffered a significant outage on August 10, bringing all network operations to a halt. The disruption led to an abrupt cessation of transactions within the ecosystem. Data from Cantoscan indicated that the last processed transaction occurred at block height 10847517.</p>
<h2 id="what-is-happening-with-canto">What Is Happening with Canto?</h2>
<p style="text-align: justify">The latest statement from the team identified the consensus mechanism as the root cause of the issue. A consensus mechanism is crucial in blockchain networks for validating transactions and ensuring security.</p>
<p style="text-align: justify">Despite the severity of the outage, the development team reassured users that their funds remained safe. To address the issue, a planned upgrade is scheduled for August 12. The Canto team noted that users would regain access to all usual activities once the network restarts.</p>
<p style="text-align: justify">However, the team has not yet provided a more detailed explanation of the problem. The outage caused CANTO’s <a href="https://en.bitcoinhaber.net/crypto-community-buzzes-over-keros-snap-coin-launch-and-meme-token-mania" data-wpel-link="internal" rel="noopener noreferrer nofollow">token</a> price to plunge to $0.036. Nonetheless, the <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> responded positively to <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">news</a> of the planned fix, with the token price rebounding to $0.045, marking a 13.5% recovery within 24 hours.</p>
<h2 id="details-on-the-issue">Details on the Issue</h2>
<p style="text-align: justify">In addition to affecting CANTO’s token price, the outage also impacted the decentralized finance (DeFi) ecosystem on the Canto blockchain. Data from DefiLlama showed a decline in the total value locked (TVL) in Canto’s DeFi platforms from $16.34 million on August 10 to $15.61 million as of August 12.</p>
<p style="text-align: justify">Launched in August 2022, Canto quickly gained traction for its comprehensive DeFi services, including lending, staking, and liquidity provision. Initially, the platform aimed to join the Ethereum ecosystem as a Layer-2 solution, but this plan was reversed in March 2024, leading Canto to operate as a Layer-1 network.</p>
<h2 id="takeaways-for-users">Takeaways for Users</h2>
<p style="text-align: justify">Key points for users to consider:</p>
<ul>
 <li>Funds remain secure despite the outage.</li>
 <li>A planned network upgrade will occur on August 12.</li>
 <li>Users can expect normal activities to resume post-upgrade.</li>
 <li>CANTO token saw a rapid price recovery after the planned fix announcement.</li>
</ul>
<p style="text-align: justify">The planned upgrade and the team’s reassurances have brought some relief to the community, though detailed explanations of the underlying issues remain awaited.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/canto-blockchain-faces-major-outage" data-wpel-link="internal" rel="noopener noreferrer nofollow">Canto Blockchain Faces Major Outage</a></h5>

Canto Blockchain Faces Major Outage

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