Terra Temporarily Halts Network as Team Scrambles for Solutions

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The official Terra Twitter account tweeted yesterday that the network blockchain had been halted as the team scrambled for solutions to their predicament. The Twitter handle noted: “The Terra blockchain was officially halted at a block height of 7603700. Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.” That said, the network has since been reopened, and block production has resumed.

At press time, LUNA trades at a heart-wrenching low of $0.00001 after shedding another 93% today. UST currently trades at $0.1110, decimating its previous low at $0.2000. LUNA has now become a shell of its previous self, as it dropped to the number 229 spot on the top crypto ranking from its previous top-seven position. Meanwhile, UST also fell from its top 15 ranking to the number 32 spot this morning.

After the network update, the Terra team explained: “Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes.” Commenting on the intense pressure on the network, the team noted: “The prevailing peg pressure on UST from its current supply overhang is rendering severe dilution of LUNA,” adding: “The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads. To expedite this goal, several measures are being taken. First, the current Prop 1164 will expand the base pool size and accelerate the burn rate of UST – helping deflate on-chain spreads.”

Terra Tokens Delisted from Binance

Terra’s situation worsened this morning after Binance made good on its warning to delist both LUNA and UST at 8:30 am UTC today. Bybit and eToro have taken similar actions, delisting both cryptocurrencies from their platforms.