CANTO crypto had an exploding year in 2023. CANTO/USD was up a staggering around 530% since the turn of 2023 and hit record highs to $0.60.
However, per DefiLlama data, the chain has fallen to become the 78th largest blockchain by total value locked (TVL). Currently, Canto chain holds TVL of $13.5 million.
Canto blockchain, in September 2023, announced plans to migrate into a ZK-powered Layer-2 chain on Ethereum. However, the blockchain later reversed its decision to remain as a Cosmos-based layer-1 network.
Blockchain Network Disruptions Aren’t New
Blockchain outages, a temporary unavailability of the network, causes transactions to be delayed or stopped completely. In some cases, outages can significantly impact the users and businesses that rely on the network.
One of the recent examples of blockchain outages include Degen Chain, a Layer-3 Blockchain on Base Network. In May, it suffered severe disruption as the network failed to produce a block for over 53 hours. The chain noted that it had stalled due to configuration errors.