Terra network restarted after nine hours.
With the LUNA and UST crisis raging, Terra had once again shut down the network earlier yesterday. The network resumed block production after a nine-hour hiatus.
The Terra blockchain has resumed block production.
Validators have decided to disable on-chain swaps, and IBC channels are now closed.
Users are encouraged to bridge off-chain assets, such as bETH, to their native chains.
Note: Wormhole bridge is currently unavailable.
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 13, 2022
As we have previously reported, the team first evaluated the network yesterday to evaluate the ongoing crisis and the experience experienced by the increase in supply. It was stopped because inflation created security concerns. It was then announced that the network was halted for a second time at block 7607789 “to find a plan to rebuild the network”. As of broadcast time, the network started working again.
According to CoinGecko data, LUNA is trading at $0.000013 and UST at $0.09 at the time of publication.
