One of the largest blockchains Terra stops working
The Terra blockchain network is no longer generating new blocks so as to avoid any attack on the project. The blockchain was restored later but then suspended again.
As the project's developers report on Twitter, the Terra blockchain has stopped generating new blocks after validators agreed that further operation of the network would compromise the entire ecosystem.
Furthermore, the validators announced that they would restart the network once they made changes to the code to stop the delegation process. By the time block generation restarts, the delegation will already be disabled. Indeed, the blockchain resumed its work, but after a while, it halted again at 7607789 block. Thereafter, it was announced that work on the project's reconstruction plan was underway, and it was suggested to wait for the next updates.
The Terra blockchain has officially halted at block 7607789.
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 13, 2022
Terra Validators have halted the network to come up with a plan to reconstitute it.
More updates to come.
The almost complete depreciation of the coin was triggered by a break in the pegging of the TerraUSD algorithmic stablecoin, which, like LUNA, was part of the Terra ecosystem. The crisis began on May 8, when someone withdrew 2.2 billion UST from Terra-based DeFi protocol Anchor.
Earlier, it was reported that the project developers had proposed a plan to stabilize the situation, but the community did not support it. Investors criticized the creators of the blockchain, demanding to return the money they lost on their investments in LUNA and TerraUSD.
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