Terra ‘Officially’ Stops Blockchain While LUNA Hits Zero

Terra LUNA/USD has officially halted block production as the blockchain’s native token hit a low of $0.000033 on Thursday.

What happened: An update on Twitter of the network’s official account confirmed that the Terra blockchain had “officially stopped” at block 7607789.

The Terra blockchain has officially stopped at block 7607789.

Terra Validators shut down the network to come up with a plan to rebuild it.

More updates to follow.

— Terra (UST) Powered by LUNA (@terra_money) May 13, 2022

This is the second time in the past 24 hours that the blockchain has halted production.

“Terra validators have decided to stop the Terra chain to prevent governance attacks after severe LUNA inflation and significantly lower attack costs,” Terra said earlier today.

The blockchain resumed production about 2 hours later and then went offline again with the aim of coming up with a plan to put it back together.

See Also: Terra (LUNA) Crashes 45% As UST Stablecoin Massively Loses Peg Again

The team also presented the “LUNA Go Forward Proposal” as part of an effort to compensate existing TerraUSD UST/USD holders, LUNA holders and developers.

“It doesn’t look like the peg stability mechanism will restore the peg in any short time,” according to Terra core developers.

Under the proposal, Terra plans to stop blockchain validation first and then distribute a new token to the remaining members of its ecosystem.

This post Terra ‘Officially’ Stops Blockchain While LUNA Hits Zero was original published at “https://www.benzinga.com/markets/cryptocurrency/22/05/27183069/terra-officially-halts-blockchain-as-luna-hits-zero”

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