The Terra (LUNA) blockchain has just been put on indefinite hiatus – Cryptoast

The Terra blockchain officially on hiatus Faced with the collapse of the UST and its LUNA token, the Terra blockchain has been temporarily halted in order to prevent any governance attack. The Terra blockchain was officially halted at a block height of 7603700.https://t.co/squ5MZ5VDK Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack. — Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022 The decision was made by a majority of validators with support from Terraform Labs, to restart the blockchain once updated with a patch that will temporarily pause staking functions. With the price of LUNA currently at a dramatic low, a governance attack could effectively put the entire blockchain at risk. That said, it remains to be seen what solutions will be undertaken in parallel with this new announcement. Do Kwon, the founder of Terra, has not given an update 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 spiral. hellish. At the time of writing, the UST is seeing a price of 0.35 dollars (instead of 1), and the LUNA is printing a price of 0.01 dollars, posting a frightening -100% on the set of time scales. Note that the blockchain was notably put on hold following a tweet from the Lido protocol yesterday, which precisely mentioned this possibility of an attack: “Currently, [NDLR : 15h32, 11 mai] Terra’s economic security was briefly valued at around $180 million, with over $200 million worth of bETH on Terra. It is theoretically possible to shut down the network and freeze these assets in an elaborate economic attack. Regardless, all eyes are now on UST and LUNA, both 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 disabled 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 collapse and what is the future of the Terra ecosystem? Newsletter 🍞Receive a summary of crypto news every Sunday 👌 And that’s it. About the author: Maximilien Prué Passionate about the world of decentralized finance and the new features brought by 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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