At around 1:43 AM on August 12, the community discovered that the Canto blockchain appeared to have encountered a problem and was down. Since then, the blockchain hasn’t been able to process any new transactions, leading to concerns among the user community.
Shortly after, Canto’s official account on social media platform X (formerly Twitter) issued a statement confirming the problem. According to Canto, the cause of the outage was an “issue with consensus”, an important factor in validating and processing transactions on the blockchain. To fix the problem, Canto said it would conduct a system upgrade at 19:00 on August 12, and reassured users that all their assets are still secure.
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Canto was launched in September 2022, focusing on developing DeFi solutions. This layer-1 is built on the Cosmos infrastructure and has an integrated EVM for seamless connectivity to the Ethereum network. The protocol’s peak was in early 2023, when the CANTO token doubled in price and entered the top 10 blockchains with the highest DEX trading volume.
In September 2023, Canto announced plans to become a Layer-2 on Ethereum. However, on March 18, 2024, the layer-1 blockchain canceled the plan. Accordingly, Canto will return to the nature of Cosmos layer-1, instead of becoming a part of Ethereum as previously announced.
Cre: The Crypto Times
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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