As a seasoned crypto investor with more than a few battle scars to show for it, I’ve learned to expect the unexpected in this wild and volatile world of digital assets. The latest outage experienced by Canto, a blockchain I had dipped my toes into not too long ago, has left me both disappointed and amused.
On Saturday, following the “Callisto” update, Canto, a blockchain built on Cosmos’ Layer-1 network, experienced a significant disruption. This upgrade resulted in the mainnet halting operation approximately at 6:43 PM UTC, causing the blockchain to become incapable of processing 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.
Initially, Canto planned to transition to Ethereum as a Layer-2 solution. However, it subsequently reversed this decision and opted to continue operating as a standalone Layer-1 blockchain, marking a turnaround in its previous strategy.
Notably, the trading activity for Canto saw a substantial surge in January 2023. Yet, recent data from DefiLlama shows that its ranking by Total Value Locked (TVL) has dropped to the 78th position.
As a long-time user of various blockchain platforms, I have learned the hard way that large-scale changes can be unpredictable and potentially disruptive. The recent incident with Canto has once again underscored this lesson for me. It’s important to prioritize staying informed and taking proactive steps to ensure the security of one’s funds during times of change. That’s why I always recommend following official communication channels, such as those provided by Canto, for the most reliable updates and guidance on how to protect my investments. Experience has taught me that being vigilant and informed is essential in navigating the complex world of blockchain technology.
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2024-08-12 08:04