Terra (LUNA)’s price dropped a lot due to the recent crypto crash, and then Terraform Labs announced that the network was stopped for security reasons. UST regulator Terra has announced that it is restarting Blockchain after a brief shutdown.
Terra (LUNA) network restarted after shutdown
On Thursday, validators urged validators to hover above new actors after Terra (LUNA) dropped below 2 cents earlier in the day. After briefly shutting down the network to apply a patch to prevent it, Terra Blockchain Turkey was restarted at 9:00 pm.
A block explorer has confirmed that the network has been rebooted after Terraform Labs, the company behind the Terra ecosystem, shared that the network stood at block height 7603700. Terraform cited LUNA inflation as a factor, saying the price of the LUNA had dropped too low to ‘prevent management attacks’. The price of the LUNA fell from around $120 in early April to a little over 1 to 2 cents on Thursday.
The Terra ecosystem includes the LUNA governance token and various algorithmic stablecoins, including TerraUSD (UST). Blocking the blockchain meant that no transactions could be made with UST, LUNA or Terra’s other cryptocurrencies. So token holders had to wait for the blockchain to restart.
Terraform limits the number of validators on the Blockchain
Terraform has implemented a patch to limit the number of parties that can act as validators on the network, that the network’s validators have to restart the network soon He said they would ‘coordinate’. Also, after the update, new users will not be able to stake on the network.
Authenticators are applying a patch to disable further authorization and will coordinate network restart in a few minutes.
Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes. https://t.co/4gakxPLpLm
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
LUNA’s price dropped more than $80 in three days. UST, one of the algorithmic stablecoins, broke its peg to the US dollar on Monday and fell to 37 cents at press time. Terraform has released more than 1 billion LUNA in circulating supply as part of its effort to reduce the selling pressure seen since Monday.
As you can see in the news of Cryptokoin.com , the UST stablecoin, which is expected to maintain its price parity with the US dollar, lost its fixed price last weekend. However, he soon recovered. It started falling again on Monday and fell as low as 27 cents. Until the time of writing, it has not yet been able to provide its stable with the dollar. The LUNA governance token, which is intended to act as a buffer to keep the UST at $1, also fell.
