CANTO's network has been subjected to prolonged downtime.
This problem has significantly reduced Canto's value.
The Canto team has promised new updates to the network.
As the #blockchain industry continues to evolve, network stability is becoming an issue for users and cryptocurrency developers. Canto, a Cosmos-based Tier 1 blockchain known for its rapid growth in decentralized finance (DeFi), has become the latest blockchain to encounter a problem.
On Saturday, March 10, the Canto team announced that the network was experiencing problems and that it would be shut down until further notice. Since then, the blockchain has been down for two days and remains offline as of this writing. On Sunday, August 11, the development team contacted users to report that the network had experienced a "consensus issue that led to a network outage". An update to address this issue will be released on Monday, August 12 at 12:00 UTC.
the developers assured users that their funds are safe and promised to release the update on August 12 at 12:00 UTC, but no details were provided as to what the changes are and what problems are planned to be fixed. At the time of publishing this news, the update had not yet been implemented.
CANTO will plummet?
As a result of the glitch, the value of CANTO tokens initially fell 12%, from USD 0.0413 when the problem was first discovered to a low of USD 0.036 per #token on Saturday. According to data from CoinMarketCap, CANTO's value has since recovered and was at USD 0.036 per token at the time of writing. Now it has risen slightly and is USD 0478.
The token's problems began even before the failure: on Thursday, the 8th, it fell by 18% to USD 0.035 on Friday morning. It is noteworthy that since May 24, the value of CANTO tokens has fallen by 83%.
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