With its native token LUNA and stablecoin UST in freefall, Terra says it has halted its blockchain for the second time in 24 hours.
In a tweet posted at 10:13pm Jap Time, Terra mentioned its blockchain “has formally halted at block 7607789.”
“Terra Validators have halted the community to give you a plan to reconstitute it. Extra updates to come back,” it continued.
The Terra blockchain has formally halted at block 7607789.
Terra Validators have halted the community to give you a plan to reconstitute it.
Extra updates to come back.
— Terra (UST) ? Powered by LUNA ? (@terra_money) Could 13, 2022
The blockchain was first paused on Could 12 over fears that it had change into susceptible to assault. Builders at Terra then introduced at 2:05pm ET that block manufacturing had resumed, albeit with staking disabled.
The disaster at Terra was triggered when its algorithmic stablecoin UST de-pegged from the US greenback. It now sits at round $0.19, per Binance knowledge, regardless of frantic efforts to revive the peg by issuing enormous volumes of LUNA.
The circulating provide of Luna (LUNA) topped 25 billion on Could 12, with minting reaching unprecedented ranges as Terraform Labs CEO Do Kwon and others attempt to ease UST promoting stress.
