Here is the formatted article in HTML:
A “Consensus Issue” Causes Canto Blockchain to Go Offline
A consensus issue has caused the Canto blockchain, a Layer-1 decentralized network, to go offline for over two days, leaving users and investors uncertain about whether their tokens will be accepted or rejected. A significant drop in CANTO, the native token, was observed, with an initial 21% decline. However, it made some progress over the weekend.
Canto is a permissionless and general-purpose blockchain that is designed for DeFi applications and works with the Ethereum Virtual Machine (EVM). The blockchain’s failure has caused users to express their frustration and concern about the security of their funds.
According to on-chain data, the Canto network was unable to agree on core operations, leading to a full-on freeze. On August 10, only three transactions were recorded, and no transactions have been processed since August 11.
The sudden interruption has left users wondering about the cause of the outage and when normal operations will be restored. The Canto team has arranged an upgrade for Monday, August 12th at 12:00 UTC. In a statement, they are confident that their funds have been safe and that business will resume after the chain is restored again.
The team has not yet provided additional information regarding the consensus issue or the nature of the upcoming upgrade. Canto’s growth had been particularly strong in recent months, with the blockchain’s Total Value Locked (TVL) exceeding $200 million by March 2023 due to investors tapping into DeFi services.
The unexpected crash has raised concerns about the network’s stability and reliability. The CANTO token, which had been receiving support from investors, suffered a major setback due to the outage. Although the percentage of the token’s recovery on Sunday is unclear, the initial 21% drop is primarily aimed at investors.
The network’s future is shrouded in uncertainty, partly due to the volatile value of the token. Despite these setbacks, Canto’s strong foundations and growing user base have solidified its status as a potential DeFi leader.
The adoption of the blockchain for DeFi applications and its compatibility with the EVM had garnered a strong following among developers and investors. As the Canto team attempts to resolve the consensus issue and return to normal operations, users and other investors will be closely monitoring the situation.
The future of the blockchain and its users’ trust in it is uncertain, and Canto may face a similar fate. Meanwhile, users are cautioned to remain alert and stay up-to-date with the latest developments from the Canterra team. While the team has made it clear that users can safely rely on their funds, it’s crucial to remain up-to-date on any developments in the network.
As the DeFi space continues to evolve, events like the Canto outage underscore the risks and uncertainties associated with decentralized networks. However, there are still opportunities for users who must be flexible and adapt to unexpected situations.
If you’re interested in learning more about the DeFi space and the risks associated with decentralized networks, check out this article on CoinSeeks.com: DeFi Risks and Uncertainties: What You Need to Know.
