At 12:14 p.m. (ET), the Twitter account operated by the Terra team announced that the Terra blockchain network had been halted. According to the Terra developers’ tweet, Terra validators needed to apply a patch to further disable delegations.
On May 12, 2022, Terra’s native token LUNA dropped to an all-time low of $0.00825774 per unit. The once-stable coin terrausd (UST) has been quite volatile and has seen a 24-hour price range between $0.842598 to $0.315279 per coin. UST which was once a top ten coin, is now ranked 25, while LUNA was also a top ten coin and is now ranked 112 among 13,419 cryptocurrencies.
TFL is also initiating three more emergency actions: 1. Proposal to burn the remaining UST in the community pool. 2. TFL will burn the remaining 371 million UST cross-chain on Ethereum. 3. TFL just staked 240 million LUNA to defend from network governance attacks.
What do you think about the Terra chain stopping block production? What do you think about the team’s next set of plans? Do you think the blockchain project still has a future or do you think Terra is completely done?