Canto, a Cosmos-based Layer-1 blockchain, suffered a major outage after its recent “Callisto” upgrade on Saturday. The upgrade led to the mainnet shutdown at around 18:43 UTC, which impaired the blockchain’s capacity to handle new transactions.
On Sunday afternoon, the Canto’s X (ex-Twitter) account highlighted the problem as an “issue with consensus.” The team shared that they are planning another update on Monday at 12:00 UTC to address the issue and emphasized that users’ funds are safe.
Canto had previously declared its intention to move to Ethereum as a Layer-2 solution. But it later changed its mind and decided to stay as a Layer-1 blockchain, which was a U-turn.
Specifically, the trading volume of Canto increased significantly in January 2023. However, it has since fallen to the 78th rank by total value locked (TVL) as per data from DefiLlama.
This incident shows the problems associated with large-scale changes and the stability of the blockchain. The users are encouraged to follow Canto’s official channels for any further updates and to confirm the safety of their funds.
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