MARKET

Terra | Block Production Halts Again, Community Proposes Issuance of New Tokens, Transition to Collateralized Stablecoins, Binance Only Keeps BUSD Spot Trading Pair

share
Terra | Block Production Halts Again, Community Proposes Issuance of New Tokens, Transition to Collateralized Stablecoins, Binance Only Keeps BUSD Spot Trading Pair

The public blockchain Terra temporarily paused and resumed block production in the early morning of May 13th, but announced another halt to block production after running for about eight hours. The current prices are LUNA: 0.000018 and UST: 0.14. The market value has dropped out of the top thousand on CoinGecko. Furthermore, Binance has successively delisted LUNA contracts and spot trading. Even ANC contracts have been delisted. In addition, the Terra community has released a new proposal to launch a brand new LUNA token.

1. Terra Halts Block Production

5/13 00:14 AM: Terra announced the suspension of block production at block height 7603700 to prevent governance attacks and reduce the cost of consensus attacks.

5/13 02:02 AM: Block production resumed, with newly added staking validators temporarily prohibited due to the deployment of new code.

5/13 10:13 AM: Block production was halted at block height 7607789, and Terra validators will propose a rebuilding plan and proceed with subsequent updates.

2. Binance Delists LUNA and ANC

Since the UST incident, Binance has made a series of adjustments. In short, Binance currently only offers the LUNA/BUSD spot trading pair, and UST is only available in the UST/BUSD trading pair.

Additionally, Binance announced the delisting of ANC perpetual contracts and suspended deposits and withdrawals in response to Terra's block production halt.

3. Proposal for "New LUNA" Token

TerraBuilderAlliance submitted a new proposal "LUNA Go Forward" with the following summary:

  • Reissuance of a new LUNA token
  • 40%: LUNA stakers
  • 40%: UST holders
  • 10%: Those affected by the attack event
  • 10%: Ecosystem developers, Dapps, infrastructure, and service providers

The proposal plans to execute upon the launch of the new network, where once holders exchange UST for LUNA, it will become the new token, and the old token will no longer exist in its current form. After the launch of the new network, UST will become a collateralized stablecoin.

TerraBuilderAlliance also suggests halting block production to further discuss the mechanism for issuing the new token.

Founder's Residence in South Korea Invaded by Strangers

According to local South Korean media reports, Terra founder Do Kwon's residence was visited by strangers looking for Do Kwon, prompting his wife to seek emergency protection from the authorities.