Terra Blockchain Halted Again as Validators Search for ‘Plan to Reconstitute It’
The Terra (LUNA) blockchain has been halted by network validators for the second time, after saying on Thursday that block production had been resumed again. Despite the network halt, the token continues to be traded on some exchanges.
“Terra Validators have halted the network to come up with a plan to reconstitute it. More updates to come,” Terra’s Twitter account posted Friday morning.
The announcement of the network halt came after the same team on Thursday said the network has been halted “to prevent governance attacks following severe LUNA inflation and a significantly reduced cost of attack.”
Approximately two hours later, the team tweeted that Terra has “resumed block production” with a new code merge.
The halt, re-start, and halt again followed a proposal with “emergency actions” discussed in the Terra community yesterday, including a proposal to burn the remaining terraUSD (UST) in the community pool.
Meanwhile, some observers pointed to the massive “printing” of LUNA tokens that is now happening. “Exchanges that sell such an asset to their users are literally scamming them,” Martin Köppelmann, Gnosis co-founderwrote.
Others, meanwhile, demonstrated optimism, saying that network validators are now on “a mission to do the impossible – revive [Terra] with a plan.”
“Have never seen a more vivid display of compassion, focus, and mixed into one discussion. A new path forward for the blockchain's future underway,” the Terra community member wrote.
Meanwhile, several exchanges have proceeded to delist some products based on LUNA and UST following the collapse of the stablecoin and the network’s native LUNA token.
On Friday, OKX said it will delist margin trading, savings, and perpetual futures contracts for LUNA, as well as for
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