CANTO, the native token its namesake’s layer-1 blockchain, skilled a unstable buying and selling session on Thursday, rising by 250% earlier than shedding 60% of its worth over the following six hours.
The platform had misplaced nearly all of its TVL (whole worth locked) and buying and selling urge for food after a feverish launch final yr that noticed it attain a $238 million market cap with $204 million in TVL.
It presently has simply $4.6 million price of belongings locked on the chain as a network outage prompted an exodus from the chain.
Canto’s plight additionally occurred throughout a wave of recent layer-1 and layer-2 blockchains that induced an over saturation in protocols and liquidity.
The undertaking has not posted an replace on X since September, regardless of stating {that a} new roadmap “can be launched quickly.”
Thursday’s transfer may be attributed to a low liquidity low quantity impulse in market buys, inflicting a momentary spike earlier than a sell-off sparked by underwater positions taking income.