The blockchain hasn’t processed a transaction since Saturday, Aug. 10.
An announcement on X said a fix will be deployed on Monday, Aug. 12 at 12:00 UTC.
The blockchain’s native token dropped by 21% before recovering over the course of the weekend.
Layer-1 blockchain Canto has been offline since Saturday following a “consensus issue.” The CANTO token initially dropped by 21%, before recovering over the course of the weekend.
Data from Etherscan shows that three transactions were processed on Aug. 10 and no activity has taken place since then.
“Canto chain is currently experiencing an issue with consensus that has caused the chain to halt,” Canto said in an announcement on X. “An upgrade to address this issue will be carried out on Monday, August 12 UTC 12:00. All funds are safe. Once the chain resumes, users will be able to access all activities as usual.”
Canto experienced a period of explosive growth after going live in August last year, and total value locked (TVL) surged to more than $200 million in March as investors flocked to a series of DeFi services like lending, staking and liquidity provision.
On-chain activity has rapidly subsided since then, with TVL dropping to just $13.7 million, according to DefiLlama. The CANTO token is also down by 83% since May 24.