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?
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.
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