Terra announced officially halting at block 7607789 as UST continues to be below its peg and LUNA is 99% down. The tweet published by the company says that validators have stopped the network to build a plan to recover operations.
Related: TerraUSD Dropped Below Its $1 Peg
The Terra blockchain has officially halted at block 7607789.— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 13, 2022
Terra Validators have halted the network to come up with a plan to reconstitute it.
More updates to come.
Switzerland-based asset manager GAM Investments revealed that it is negotiating with Terraform Labs to help support the UST. The company is expected to invest between $2 bln and $3 bln to take in UST’s excess supply amid the ongoing sell off, and recover the USD peg.
Terra blockchain's stablecoin has lost over 90% of its value and currently trades at about $0.16. It is an algorithmic stablecoin designed to maintain its peg due to algorithms with the help of LUNA coin.
GAM CEO Peter Sanderson noted that the company is interested in supporting a vibrant, and innovative digital assets market, adding that they believe in the Terran system, and its algorithmic design.