Due to the decoupling of the algorithm stable currency UST, Luna has caused a large number of dumps, and currently there is only $0.00024 left. Terra officially announced earlier that it will prevent governance attacks on LUNA, and will suspend block production and release an update patch. Later, although the network resumed block production for a time, Terra officially announced that it would stop producing blocks at 10:13 today. (Recap:Terraform Labs announces three emergency measures to clear bad debts and destroy nearly 1.39 billion USTs) (background supplement:$84 million leveraged a 40 billion financial empire, and the collapse of UST)
maleThe algorithmic stable currency UST launched by Chain Terra faced a serious decoupling crisis this week, triggering a frantic run on the market. A large number of users burned UST and re-minted it back to the LUNA token and dumped it into the market, causing the price of LUNA to plummet. According to Binance Trading Information, there is only $0.00024 left at the moment of writing.
Further reading:Anchor Protocol issued a new proposal to reduce the target interest rate to 4%; Do Kwon: will rebuild UST into a collateralized stablecoin
Terra officially stopped producing blocks to prevent governance attacks
Such a sharp decline made Terra official say at 00:14 today (13) that the Terra blockchain verification node has stopped producing blocks at block height 76003700 to prevent governance attacks.
Terra blockchain officially stopped at block height 7603700.
Terra validators have decided to stop the Terra chain in order to prevent a governance attack following the severe inflation of $LUNA and the significantly reduced cost of the 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
Soon after (00:34), the official update said that the validator is deploying a new patch to prohibit further stake delegation (Terra uses DPoS, delegated stake proof), indicating that once block production resumes, the new delegation will be Disabled.
Officials said that once 2/3 of the voting rights are online, the network should be restarted.
Further reading:Popular Science | What is the “consensus mechanism” of the soul of the blockchain? Take you to know PoW, PoS, DPoS
The patch release is out: https://t.co/BZ8t86cuwA
Delegations will be disabled once block production resumes.
The network should go live once 2/3 of the voting power comes online. An update will be provided accordingly. https://t.co/vffpjw7uom
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
Then at around 02:02, Terra stated that the block network had resumed producing blocks and the new update code had been merged. Validators can go to Discord for the latest patch notes.
The Terra blockchain has resumed block production.
Delegations are disabled now that the chain is live with the new code merge.
Validators, please check the Discord announcements for the latest patch notes. https://t.co/CGQgfMDWQe
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
But a few hours later, Terra officially announced again at 10:13 that it would stop producing blocks, causing a lot of criticism from the community.
The blockchain has officially stopped at block 7607789.
Terra validators have halted the network to come up with plans to rebuild it.
More updates are coming.
The Terra blockchain has officially halted at block 7607789.
Terra Validators have halted the network to come up with a plan to reconstitute it.
More updates to come.
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 13, 2022
LUNA’s market value has almost dropped out of the top 100
According to CoinGecko data, LUNA’s ranking in market value has dropped significantly to the 91st position (with a market value of only $328 million remaining); in addition, the stablecoin UST has slipped to 25th (currently reported at $0.296, with a market value of about $3.62 billion), It has never been possible to reverse the inversion of the market value of LUNA being less than that of UST.
The dynamic area reminds users that the current LUNA-related fluctuations are violent, please be cautious of market risks.
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