CANTO Price Drops Drastically: Canto Blockchain Disruption Revealed

Bittime – On August 10, 2024, the Canto blockchain, which is a Cosmos-based Layer-1 network, experienced a major outage that caused all network activity to halt. 

This disruption resulted in a halt in transactions across the ecosystem, with data from Cantoscan showing that the last transaction occurred at block height 10847517. This incident directly affected the price of CANTO as well as the DeFi ecosystem that relies on this network.

Details of the Canto Blockchain Disruption and Its Impact

According to the development team, this issue is caused by the consensus mechanism not working properly. Consensus mechanisms play an important role in validating transactions and maintaining the security of blockchain networks. 

Even though this disruption is quite severe, the development team ensures that user funds remain protected. To overcome this problem, a network upgrade plan has been scheduled for August 12 2024. After the upgrade, all functions on the network are expected to return to normal.

This disruption caused the CANTO token price to drop drastically to reach $0.036. However, after the announcement of the improvement plan, CANTO token price recovered to $0.045, registering an increase of 13.5% within 24 hours. 

However, the Canto team has not provided a detailed explanation regarding the cause of the disturbance.

Also read: Bitcoin Mining Ratio Increases When Bitcoin Price Falls

Impact of Disruptions on Canto's DeFi Ecosystem

Apart from affecting the price of CANTO tokens, this disruption also has an impact on the DeFi ecosystem on the Canto blockchain. Data from DefiLlama shows a decrease in total value locked (TVL) on DeFi platform Canto from $16.34 million on August 10 to $15.61 million on August 12. 

Canto, which launched in August 2022, was initially known for its comprehensive DeFi services, such as lending, staking, and liquidity provision. 

The platform previously planned to be a Layer-2 solution in the Ethereum ecosystem, but those plans were scrapped in March 2024, and Canto now operates as a Layer-1 network.

What Should Canto Users Know About This Disorder?

Here are some important things that Canto users need to pay attention to:

• Funds remain safe even if disturbances occur.

• The network upgrade is scheduled to take place on August 12, 2024.

• Normal activities are expected to resume after the upgrade.

• CANTO token price showed a quick recovery after the fix announcement.

Although the Canto team has provided guarantees regarding the security of funds and repair plans, a more in-depth explanation regarding the problems that occurred is still awaited. Users and investors are advised to continue monitoring the latest developments and remain alert to possible further changes in the Canto ecosystem.

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