After restarting the network from an overnight downtime to prevent any governance assaults, Terra officially ended block production at 09:58 am HKT on Friday, block height 7607789. Terra stated that validators are working on a plan to restart the network, but she could not provide any other information.
Interesting Tidbits
- After network validators shut down the blockchain for more than an hour and a half, Terra restarted block production at 01:45 HKT on Friday.
- A governance attack is a type of aggressive blockchain takeover in which one party holds at least 50% of a network’s governance tokens, effectively giving them majority voting power in the ecosystem.
- The price of Terra’s governance token, LUNA, has plummeted, lowering the cost of a takeover.
- Terra provided a network patch that disabled delegates (the practice of staking tokens to a public validator node in order to gain more rewards), which was deployed after the network restarted production.
- At press time, LUNA was worth US$0.004157, while Terra’s algorithmic stablecoin had yet to reestablish its peg to the US dollar.
- The dollar’s peg is maintained through controlling LUNA supplies.
On Thursday, Terra recommended an upgrade to improve LUNA production in order to save the stablecoin’s peg.
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Source: https://www.thecoinrepublic.com/2022/05/13/terra-goes-offline-indefinitely-after-resuming-service-luna-and-ust-remain-on-life-support/