The Canto blockchain has been offline since August 10 due to a consensus issue, halting all network activity.

This outage has been attributed to problems with the blockchain's consensus mechanism, which is crucial for validating transactions.

As of now, the outage has lasted over 33 hours, with the last recorded transaction occurring at block height 10847517.

Canto's official update has confirmed the outage while reassuring users that their funds are safe and that normal operations will resume after a fix.

A scheduled upgrade to resolve the issue is planned for August 12 at 12:00 UTC.

During the outage, the native token CANTO dropped by 21% but has since shown signs of recovery over the weekend.

The incident has also impacted the decentralized finance (DeFi) ecosystem on Canto, with total value locked (TVL) in DeFi platforms decreasing from $16.34 million to $15.61 million.

Despite its earlier success, Canto's activity has declined, and it is now ranked as the 80th largest blockchain by total value locked.

Currently, Canto's TVL stands at just $13.7 million, reflecting an 83% decline in the CANTO token since May 2023.

Launched in August 2022, Canto is a Cosmos-based layer-1 blockchain designed for DeFi applications and is compatible with the Ethereum Virtual Machine (EVM).

Canto experienced significant growth after its launch, with total value locked peaking at over $200 million in March 2023.