On Sunday, a Callisto upgrade took out the Layer-1 blockchain, Canto, for two days. Since this outage, the price of CANTO has been falling. The Canto team has taken to social media to explain the situation, stating that the blockchain was experiencing a consensus issue. However, they assured all users that their funds remained secure and that users would regain access to all activities once the network resumed operations. It also revealed that the chain will be carrying out another follow-up upgrade to address the outage issue.
Official response and more upgrades
After its outage, Canto has taken it to their social media to acknowledge the issue they were facing.They also assured users that all their funds remained secure and that they would regain access to all activities once the network resumed operations. However, the exact issue of the consensus issue has not been disclosed to the public, leaving the community in the dark about the specific technical difficulties faced by blockchain.
Despite this saga, Canto has just announced that they would be scheduling another upgrade on August 12 to restore the network's functionality, allowing users to access all services as usual. This assurance aims to alleviate some of the concerns among users and investors, although the extended downtime has undoubtedly impacted confidence in the platform.
CANTO experiencing freefall?
Despite its best efforts, Canto couldn't mend the damage that was done from this saga. Following the outage, the price of CANTO, the cryptocurrency that powers Canto's Decentralized Finance (DeFi) focused layer-1 blockchain protocol, saw a steep drop of 21% in its value and has plummeted 83% since May. But over the weekend, it has begun to recover, easing some of the earlier losses.
On Monday, it was reported that the price of the coin is on another upward spike, rising more than 30%, which shows a positive sentiment and confidence towards the project as a whole.
Community and industry implications
As the blockchain community awaits the scheduled upgrade, there is a lot of conversation around how Canto will manage this crisis and whether the network will recover from this significant disruption. Needless to say, this incident could have far-reaching implications for Canto's future and its position in the competitive DeFi space. The ability of Canto to navigate this challenge will be closely watched by the industry, as it could influence the platform's reputation and user trust moving forward.
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