#Terra #LUNA #Blockchain #Suspended #Indefinitely
Terra Blockchain Officially Paused
Faced with the collapse of the UST and its LUNA token, the Terra blockchain has been temporarily suspended to prevent any attack on governance.
The Terra blockchain has officially stopped at a block height of 7603700.https://t.co/squ5MZ5VDK
Terra validators have decided to stop the Terra chain to prevent governance attacks after severe $MOON inflation and a significantly reduced attack cost.
— Terra (UST) 🌍 Developed by LUNA 🌕 (@terra_money) May 12, 2022
The decision was made by a majority of validators supported by Terraform Labsin order to restart the blockchain once updated with a patch that will put stakeout functions temporarily paused.
The LUNA price is currently dramatically low, a governance attack could put the entire blockchain at risk.
That said, it remains to be seen what solutions will be undertaken in parallel with this new announcement. make kwonthe founder of Terra, has not given any news since yesterday, when he announced via a tweet that he was looking for solutions to rebalance the LUNA and the UST between them, which are now both in a downward spiral.
At the time of writing these lines, the UST observes price of 0.35 dollars (instead of 1), and the LUNA prints a course at 0.01 dollarsposting a terrifying -100% on all timescales.
Note that the blockchain was noticeably put on hold following a Lido Protocol tweet from yesterdaywhich mentions precisely this possibility of attack:
” At the moment, [NDLR : 15h32, 11 mai] Terra’s economic security was briefly valued at around $180 million, with over $200 million worth of bETH in Terra. In theory, it is possible to shut down the network and freeze these assets in an elaborate economic attack. »
Anyway, all eyes are now on UST and LUNAboth of which were still in the top 10 cryptocurrencies by market capitalization just a week ago.
[Mise à jour : 12/05 – 19h15]
Terra has published the patch in question on the GitHub development platform.
The announcement was accompanied by the following tweet:
“Delegations will be deactivated as soon as block production resumes. The network should be operational as soon as 2/3 of the votes are online. An update will be provided accordingly. »
👉 To dig deeper: Why did the UST stablecoin crash and what is the future of the Terra ecosystem?
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About the Author : Maximilian Prue
Passionate about the world of decentralized finance and what’s new with Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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