According to the statement made by the official Twitter account of Terra (LUNA), Terra Blockchain started block production again at around 21.00 TSI.
LUNA Network Restarted After Update
After the LUNA price dropped below $0.02, the Blockchain network was stopped for security reasons.
In the statement made on Twitter, it was said that block production has resumed and an update has been made to the network. With the new update, new users will be prevented from staking on the network.
The Terra blockchain has resumed block production.
Delegations are disabled now that the chain is live with the new code merge.
Validators, please check the Discord announcements for the latest patch notes. https://t.co/CGQgfMDWQe
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
Terraform Labs, the company behind the Terra ecosystem, reported that the halted network at block number 7603700 has been restarted. Terraform cited the decrease in the cost of attacks on the network, as the price of Terra fell a lot, as the reason for the shutdown of the network.
Terra price declined from the April level of $120 to around $0.0035.
Within the Terra ecosystem, the management token LUNA and between TerraUSD (UST) There are several stablecoins, including
With the discontinuation of the Terra Blockchain, UST, LUNA and other cryptocurrencies operations were also suspended. This does not include trading in the stock market.
The Number of Authenticators on the Network Restricted
Terraform announced in its statement after the shutdown of the network that the network would be restarted by “re-coordination”.
With the update, the number of parties that can act as verifiers on the network has been limited.
UST, one of the stablecoins paired with the Terra token, dropped its pegged price to $1 on Monday. At the time of this writing, the UST price is trading at $0.42. Terraform has circulated billions of Terra tokens in an effort to re-fix the UST price to $1.
*Not investment advice.