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Canto, a layer 1 blockchain platform, has been down since August 10 due to a consensus issue. A fix is ​​scheduled for August 12.

The blockchain stopped processing transactions on Saturday, resulting in a complete halt in network activity. Canto’s development team acknowledged the issue via a statement on social media platform X, and assured users that funds remain safe despite the outage.

“The Canto chain is currently experiencing a consensus issue that has caused the chain to shut down,” the team said.

According to the announcement, an upgrade that addresses the consensus issue is scheduled for deployment on Monday, August 12 at 12:00 UTC. Upon successful deployment, the team expects normal blockchain operations to resume, allowing users to access all platform activities as usual.

This incident has had a notable impact on Canto’s native token. Initially, the CANTO token saw a sharp drop of 21% in value and has also dropped 83% since May this year. However, it has since shown signs of recovery over the weekend, mitigating some of its initial losses.

The outage comes against a backdrop of declining on-chain activity for the Canto network. Data from DefiLlama indicates that the platform’s total value (TVL) has declined significantly, from over $200 million in March to around $13.7 million currently.

Launched in August 2022, Canto initially attracted investor interest with its suite of decentralized finance (DeFi) services, including lending, staking, and liquidity provision. However, the platform has faced challenges in maintaining this momentum, as evidenced by the recent decline in TVL and token value.

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