which has been constantly busy in the last days, Terra (LUNA), In his statement on his Twitter account, he announced that the Terra Blockchain was officially stopped.
The Terra blockchain has been discontinued to protect against potential attacks. https://t.co/HFWVMGj7gZ
— Bitcoin System (@bitcoinsystem) May 12, 2022
Terra (LUNA) Official Twitter Account Announces Terra Network Discontinuation
stablecoin recently of UST Terra, which went through an extremely difficult time after the price of 1 dollar fixed gradually decreased, was officially stopped with this statement.
According to the statement, the Terra validators decided to stop the Terra chain because “high LUNA inflation and the cost of attacks on the network have come down a lot.”
Terra Blockchain is officially stopped at block 7603700.
The platform recently announced a “recovery package”.
Favorites of the past months from cryptocurrencies One of them, LUNA, broke its all-time high price record by climbing up to $119 on April 5, 2022.
The altcoin, which lost 99.99% value at this price, is trading at $ 0.01716 at the time of writing, according to CoinMarketCap data.
This drop in Terra’s price was largely caused by its stablecoin UST. As it is known, UST, an algorithmic stablecoin, and Terra were subjected to burning and mint transactions in a coordinated way, thus ensuring that the price of UST remained stable at 1 dollar.
Huge amounts of LUNA tokens were launched to keep the UST price stable. At the time of this writing, 3.5 billion tokens are in circulation. The market value of the once-popular token Terra is currently hovering around $50 million.
How Does Network Cessation Affect Price?
Although experts state that the concept of decentralization was hit with the shutdown of the network, it is planned to prevent attacks with the shutdown of the network.
After this move, while the price is expected to move upwards, there will be a life or death struggle for LUNA in the coming period.
*Not investment advice.