Since the downtime, fresh transactions have not been processed by the blockchain. Canto’s X account admitted the outage on Sunday afternoon, attributing “an issue with consensus” to the downtime. Canto reassured users that money is safe and indicated that Monday at 12:00 UTC would see an upgrade meant to solve the problem.

Canto said last year that it intended to become a Layer-2 network and migrate to Ethereum, but the blockchain later turned around and decided to be an L1.

DefiLlama data shows that Canto, whose trade activity surged in January 2023, has subsequently dropped to rank as the 78th largest blockchain by total value locked (TVL).

What is Canto?

Complementing the Ethereum Virtual Machine (EVM), Canto is a permissionless, general-purpose layer-one blockchain.

It centers on DeFi and developing a new system for freely distributed, transparent, decentralized, and open financial institutions. Operating on a proof-of-stake (PoS) consensus method, Canto is a fork of Evmos, another very scalable, high-throughput blockchain. Built atop the Tendermint Core Byzantine Fault Tolerance (BFT) consensus mechanism, both feature the Cosmos software development kit (SDK).

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Cyclone Stack comprises three key upgrades: the Callisto Upgrade, the Kallichore Upgrade, and the Elara Upgrade. These upgrades aim to accelerate block times, enhance storage access speeds, and establish new benchmarks for execution efficiency.

Canto’s Cyclone stack will also boast full compatibility with all Ethereum Virtual Machine (EVM) tooling and applications. The EVM facilitates the execution of smart contracts and enables blockchains like Canto to support applications designed for compatibility with Ethereum and similar platforms.

The press release states, “This comprehensive upgrade suite signifies a big step towards achieving high performance and scalability for Canto,” emphasizing the platform’s commitment to improving its infrastructure for developers and users.

This announcement follows Canto’s decision in September to transition into a layer-2 solution using Polygon’s Chain Development Kit (CDK). A representative for Canto mentioned to CoinDesk via email that following the development of their Cyclone EVM, they plan to integrate with Polygon’s CDK and implement their ZK-prover to enhance network security.

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