Terra Blockchain Temporarily Suspends Block Production, Aims to Restart Network with Patch – Bitcoin News

At 12:14 p.m. ET, the Twitter account run by the Terra team announced that the Terra blockchain network had ceased. According to a tweet from the Terra developers, Terra validators need to apply a patch to further disable delegation.

Terra Blockchain pauses to prevent governance attacks, team says restart imminent

At the time of writing, the Terra blockchain has stopped producing blocks since noon EST.team’s twitter account by publishing to the public Say: “The Terra blockchain officially stopped at block height 7603700. Terra validators have decided to stop the Terra chain to prevent a governance attack following severe $LUNA inflation and significantly reduced attack costs.”

On May 12, 2022, Terra’s native token, LUNA, fell to an all-time low of $0.00825774 per unit. The once stable coin terrausd (UST) is highly volatile, with a 24-hour price range between $0.842598 and $0.315279 per coin. UST, which was once in the top ten, is now at number 25, while LUNA is also a top ten coin, now at number 112 out of 13,419 cryptocurrencies.

After the update, the Terra team explained that a patch is being developed to restart the network. “Validators are applying a patch to disable further delegation, and they will coordinate a restart of the network within minutes,” the team said. tweet. Nine hours ago, the Terra team explained that the system was feeling a lot of pressure.

“The prevailing peg pressure on UST from the current oversupply is seriously diluting LUNA,” the team said. said“The main hurdle is to remove bad debt from UST circulation fast enough to allow the system to restore the health of on-chain spreads. To expedite this, several steps are being taken. First, the current Proposition 1164 would expand the underlying pool scale and speed up the burn of UST — helping to narrow on-chain spreads.”

Terra team Add to:

TFL has also initiated three other emergency actions: 1. Proposed to destroy the remaining UST in the community pool. 2. TFL will burn the remaining 371 million UST cross-chain on Ethereum. 3. TFL just pledged 240 million LUNA to defend against cyber governance attacks.

After the patch update, the team explained Patch release codebase Available and further said: “Once production resumes, delegations will be disabled. Once 2/3 of the voting rights are live, the network should go live. Updates will be provided accordingly.”

Terra Chain has been in the spotlight for a few weeks since the project team started massive accumulation Bitcoin (bitcoin) to defend the UST hook.While the media used to be positive, similar to Backers of Terraform LabsToo many stories to tell about the Terra ecosystem today negative. At the time of writing, the Terra blockchain and its validators have not restarted the chain into block production.

tags in this story

supporter, block production, Code library, cryptocurrency, Dilution of LUNA, emergency action, freezing, stop, Luna, Luna Coin, repair, hook pressure, stablecoin, stop, the earth, Earth Blockchain, Thai zipper, Earth Team, Terrain Lab, Twitter, American University of Science and Technology, UST Stablecoin, validator

What do you think of the Terra chain stopping block production? What do you think of the team’s next set of plans? Do you think there is still a future for blockchain projects or do you think Terra is dead?

Jamie Redman

Jamie Redman is Head of News for Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.

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