- Canto network is experiencing a lengthy period of downtime.
- The issues saw a significant drop in CANTO’s value.
- The Canto team has promised a new network upgrade.
As the blockchain industry continues to evolve, network stability has been a thorn in the side of users and developers across the crypto sphere. Canto, a Cosmos-based Layer 1 blockchain known for its rapid growth in the decentralized finance (DeFi) space, has been the latest to suffer disruption.
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On Saturday 10, the Canto team announced that the network was suffering from an issue and would be suspended until further notice. The blockchain has since been down for two days and remains offline at the time of writing.
Canto Disruption, but an Upgrade to Come?
The disruption to the CANTO network was first detected on Saturday, August 10, when only three transactions were processed before the network went down. The development team addressed users on Sunday 11, informing them that the network was experiencing an issue with “consensus that has caused the chain to halt.”
The devs assured users that their funds were safe and promised an upgrade on August 12, at 12:00 UTC, however, no details were provided regarding the nature of the changes, or which issues they planned to address. At press time, the upgrade has yet to be rolled out.
CANTO in Freefall?
The outage caused an initial 12% drop in the value of the CANTO token, as it fell from $0.0413 when the issue was first detected to its lowest point of $0.036 per token on Saturday. CANTO has since recovered, even marking a slight increase to $0.0478 at the time of writing, according to data from CoinMarketCap.
The token’s woes began before the outage, dating back to Thursday 8 when it suffered an 18% slip to $0.035 on Friday morning. Notably, the CANTO token has seen an 83% drop in value since 24 May.
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