Why Is Canto Blockchain Down Since August 10? Here’s What we Know

Cosmos-based layer 1 blockchain Canto has been down since Saturday after a failed consensus. Data from Etherscan showed that the network produced its last block on August 10 at 18.43 UTC.

The blockchain, which reversed its proposal to migrate to Ethereum layer 2, acknowledged the downtime in a tweet on Sunday, stating it was working to mitigate the issue.

“Canto chain is currently experiencing an issue with consensus that has caused the chain to halt,” the network noted.

Canto Proposes Fresh Upgrade

To address the two-day outage, Canto has proposed a fresh upgrade. Slated for  12.00 UTC on August 12, the consensus will aim to get the blockchain up and running again. Canto assured users that funds are safe and normal operations will resume on the network after that Monday upgrade.

Canto saw explosive growth last year as investors flocked to DeFi services like lending and staking. This increased on-chain activity saw the network’s total value locked (TVL) hit $200 million in March. However, uncertainties around the network have seen its TVL decline to $12.74 million, according to DeFiLlama.

Token Reacts

CASTO dumped over 20% after the blockchain paused operations but recovered on Sunday after the firm’s X announcement. The token is up over 12% today, trading at $0.0439 at press time.

CASTO is down over 44.6% in the past month and almost 60% from last year. On Monday, the token saw another setback after crypto exchange Bybit announced it would delist it for trading.