Validators for the Terra blockchain have decided to officially halt network activity on Thursday in a move designed to prevent governance attacks following the severe devaluation of the network’s LUNA žetonas.
Terraform Labs’ official Twitter handle confirmed that the blockchain network was halted at a block height of 7,603,700. The move follows a series of dramatic events that triggered an unprecedented decline in the price of LUNA and its associated TerraUSD (UST) stablecoin. The stablecoin, which was designed to maintain algorithmic parity with the United States dollar, lost its peg earlier this week before plunging below $0.30.
„Terra“ blokų grandinė buvo oficialiai sustabdyta 7603700 aukštyje.https://t.co/squ5MZ5VDK
„Terra“ tikrintojai nusprendė sustabdyti „Terra“ grandinę, kad išvengtų valdymo išpuolių po sunkių USD LUNA infliacija ir žymiai sumažintos atakos išlaidos.
- Terra (UST) parengė LUNA (@terra_money) Gali 12, 2022
With LUNA’s price collapsing more than 99%, Terraform Labs is no longer confident that it can prevent governance attacks. In other words, the price decline “significantly reduced [the] cost of attack,” the ecosystem operator tweeted Thursday.
However, the downtime in block production didn’t last long, with Terra later announcing that it would restart the network once validators applied a patch to disable further delegations. “The network should go live once 2/3 of the voting power comes online,” they said.
Išleistas pleistras:https://t.co/BZ8t86cuwA
Įgaliojimai bus išjungti, kai bloko gamyba bus atnaujinta.
Tinklas turėtų pradėti veikti, kai prisijungs 2/3 balsų. Atitinkamai bus pateiktas atnaujinimas. https://t.co/vffpjw7uom
- Terra (UST) parengė LUNA (@terra_money) Gali 12, 2022
As Cointelegraph reported, LUNA/USDT contracts were delisted on Binance on Thursday after the trading pair fell below 0.005 USDT. That followed a delisting of LUNA tokens by cryptocurrency exchange Huobi the previous day.
Susiję: Kodėl sudužo Terra LUNA ir UST? | Sužinokite apie rinkos ataskaitą
Anksčiau šią savaitę, „Terraform Labs“ įkūrėjas Do Kwon shared details about a recovery plan that would help save the UST peg from further devaluation. Terra’s official Twitter handle further elaborated on those plans on Thursday by laying out a strategy to burn $1.4 billion UST and stake 240 million LUNA. However, the details of the rescue plan have failed to deter market sell pressure.
1/ Vyraujantis kaiščio spaudimas JAV dolerių nuo dabartinės tiekimo iškyšos smarkiai praskiedžiama USD LUNA.
Pagrindinė kliūtis yra blogos skolos pašalinimas iš UST apyvartos pakankamai greitai, kad sistema atkurtų grandinėje veikiančių kainų kilimą.
- Terra (UST) parengė LUNA (@terra_money) Gali 12, 2022
Before the events of this week unfolded, Terra LUNA was a top 10 cryptocurrency project by market capitalization, and its UST asset was the third-largest stablecoin behind only Tether (USDT) ir USD moneta (USDC).
The article was updated with information about Terra’s patch update, which allows block production to resume.
Source: https://cointelegraph.com/news/breaking-terra-blockchain-officially-halted-following-luna-price-collapse