Terra Validators have halted the Blockchain to come up with a plan to reconstitute it.

At 12:14 PM (ET) the official Twitter account of Terra declared that the Terra blockchain network had been halted, Terra validators needed to apply a patch to further disable delegations.

Terra Validators have halted the Blockchain to come up with a plan to reconstitute it.

The Terra blockchain has stopped block production since the mid-afternoon Eastern Standard. The team's Twitter account addressed the public by saying. "The Terra blockchain was officially halted at a block height of 7603700. Terra validators have decided to halt the Terra chain to prevent governance attacks following server $LUNA inflation and a significantly reduced cost of attack."

On May 12, 2022, Terra's native token LUNA dropped to an all-time low of $0.00825774 per unit. The once-stable coin terraced (UST) has been quite volatile and has seen a 24-hour price range between $0.8425958 to $0.315279 per coin. UST which was once a top-ten coin is now ranked 25, while LUNA was also a top ten coin and is now ranked 112 among 13,419 cryptocurrencies. 

The Terra team explained a patch was in the works to reboot the network. "Validators are applying a patch to disable further delegations, and they will coordinate to restart the network in a few minutes." the team tweeted Nice hours prior, the Terra team explained that the system was feeling intense pressure.

"The prevailing peg pressure on UST from its current supply overhang is rendering server dilution of LUNA," the team said "The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads." To expedite this goal several measures are being taken. First, the current Prop 1164 will expand the base pool size and accelerate the burn rate of UST helping deflate chain spreads. 

The Terra team said:

TFL is also initiating three more emergency actions: 1. Proposal to burn the remaining UST in the community pool. 2. TFL will burn the remaining 371 million UST cross-chain on Ethereum. 3. TFL just staked 240 million LUNA to defend from network governance attacks.

Terra team declared that block production has resumed. "The Terra blockchain has resumed block production Delegation is disabled now that the chain is live with the new code merge" the team tweeted "Validators please check the Discord declaration for the latest patch notes."

Read: Terra to burn $1.4B UST and stake 240M LUNA to ‘stop the bleeding’

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