Terra Blockchain Froze Delegation Twice Within 24HRS

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Terra Blockchain Froze Delegation Twice Within 24HRS
Credit: © Reuters.

  • Block production was halted again at block height 7607789.
  • Terra is open to discussing the remedial tactics for assisting the pegging mechanism.

Terra’s USD and LUNA’s downfall are the current critical news prevailing in the market. The stablecoin which was supposed to peg to $1 is now at $0.17 and LUNA which was supposed to back UST has gone below 99%, according to CMC (NS: CMC ) at the time of writing.

In the middle of these, one more sensational announcement by Terra is the halt made in the Terra blockchain. The first happened on 05/12/2022 around 9.45 PM IST with 7603700 blocks, and it was resumed within two hours. Following that, the second halt was announced on 05/13/2022 around 7.45 AM IST with a block height of 7607789.

Halt specifies that no more blocks can be added to the Terra blockchain and the validators will not be assigned further delegation in the PoS mechanism.  

Retrieval under Processing

Do Kwon, Co-founder of Terra released a tweet threat on 05/11/2022, explaining the further course of action for the Terra ecosystem. First and foremost is to captivate the supply of stablecoin. Also, Terra Research Forum is welcoming suggestions to handle the crashing algorithmic peg procedure.

Do Kwon states:

“Before anything else, the only path forward will be to absorb the stablecoin supply that wants to exit before $UST can start to repeg. There is no way around it.”

He also assures that Terra will not disappoint its supporters- “LUNAtics”, and the present situation is just another hindrance in the long path.

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