Skip to main content

Terra Luna: Blockchain completely paused for the second time

 


Terra Luna's blockchain is frozen for the second time in one day and users of the network are unable to transact. This should be part of the plan to get the network back on its feet.


The total number of Terra Luna tokens in circulation has increased from 1.46 billion to more than 6.5 billion in one day. Not least for this reason, the price of the entire ecosystem is approaching the 0 dollar mark at a record speed , dragging the global crypto market with it. It all started when the native Terra Network (UST) stablecoin lost its peg to the US dollar. A veritable downward spiral ensued in no time at all.



In order to prevent this crisis, the Terra blockchain was completely stopped for the second time within one day. After the first blockchain stop, which occurred at block 7,603,700, the network continued without staking and released an update. This is how they wanted to protect themselves against impending government attacks, which have become extremely cheap due to falling prices.


Can Terra Luna survive this crisis?

But apparently that wasn't enough. With the second stop, one wants to avoid a crisis due to the exponential depreciation of LUNA and restore the network. It's all part of the network's larger recovery plan . We've been working on this at full speed for the past few days. The implementation now takes place with a lot of improvisation.


“Terra Validators have paused the network to develop a plan for its recovery. More updates will follow.”


Burning the remaining UST in the community pool. 

The burning of all UST or TerraUSD that exist on Ethereum .

Deploying 240 million LUNA to protect the project from government attack. 

Whether the network can survive like this is very uncertain. The mood in the global crypto market and especially in the Terra community is extremely negative. In addition, it was published in the last few days that founder Do Kwon was already involved in a failed stablecoin (basis cash) . Will fate repeat itself with Terra Luna?


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action that the reader takes based on the information found on our website is entirely at their own risk.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Popular posts from this blog

JPMorgan: "Secret" Access to Six Crypto Funds

  Investment bank JPMorgan now offers access to six different crypto funds from Grayscale, Osprey Funds and NYDIG. The investment bank JPMorgan has not followed the winged phrase “do good and talk about it” this time.  She secretly, quietly, and quietly gave her institutional customers access to six crypto funds.  In the most recent step, the bank's private customers will now have access to a new Bitcoin fund.  The investment firm New York Digital Investment Group (NYDIG) launched this.  This Stone Ridge Bitcoin Strategy Fund offers exposure to Bitcoin through the futures markets. Last month, JPMorgan opened access to the Grayscale Bitcoin Trust, such as the Bitcoin Cash Trust, the Ethereum Trust, and the Ethereum Classic Trust.  Investing in the Osprey Bitcoin Trust was also made possible.  However, the bank's investment advisors are not allowed to proactively offer their clients to invest in these funds.  According to  Business Insider , JPMorgan will only conduct the transac

Polkadot Forecast - Polkadot is about to erupt!

 Polkadot price has been in a downtrend since the end of 2021, since November 4th to be precise. But could the downward trend now come to an end? The price formed a bearish trend line and reached an important level. Because of this, the course will soon have to decide where the journey should go in the future! The Polkadot price formed a trend line during the last recent descent which has steadily rejected the course, which is why the price has fallen as Next. As long as the price is below the trend line, we do not expect prices to rise. Instead, we assume that prices will continue to fall. At a higher level, Polkadot is still in an uptrend as we have not broken below the recent low. This is located at around $10.50. As soon as we fall below this price level, we assume a longer-term bear market. The polkadot has hit the $16.29 support and is currently finding support at that price level. As the downtrend line heads towards resistance, Polkadot price will soon have to decide whether to

The future of Cardano - We can look forward to these 2 developments

Cardano attracted a lot of attention in 2021.  The "Ethereum killer" has temporarily taken the position 3 of the most valuable crypto currencies behind Bitcoin and Ethereum and thus came on the map of more and more crypto investors.  But what does the future hold for Cardano?  We can look forward to these 2 developments soon. The future of Cardano - “Ethereum Killer” is evolving Cardano has been one of the most popular cryptocurrencies in the past few months.  The ADA token even rose to 3rd place among the most valuable coins by market capitalization.  In particular, the constant development of smart contract functions caused the price to skyrocket in the fall.  The network impresses with its extremely sophisticated technology, which Ethereum can outperform in the area of ​​security, among other things. With the newly developed Smart Contract functions, Cardano can now also benefit from the growing markets for NFTs and DeFi.  But in the past few weeks, other networks, especia