The Terra blockchain was officially halted at a block height of 7603700.
https://t.co/squ5MZ5VDK
Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack.
The Luna reddit forum is full of suicidal posts. Reminder that the crypto space may be zero sum (dollars in = dollars out) in financial terms, but not human terms.
@lowkiisavageeee@JohnBrownlow @anthraxxx781 We will go to the moon in 2023 bro, either we would be able to afford a ticket from @elonmusk to the moon or we would go there in our afterlife ! So it s a win win either ways bro!
1/ The prevailing peg pressure on $UST from its current supply overhang is rendering severe dilution of $LUNA.
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.