Terra Foundation suspended the Terra blockchain to give the network a chance to come up with a recovery plan 🆘 The blockchain officially halted at block 7607789 ⛔ Block production has since resumed 👇
, the LUNA-USDT futures contract was also delisted, as LUNA plummeted to lows usually only experienced by meme coins.
Other exchanges like FTX and Gate.io continued trading LUNA and UST, with FTX racking up more than $300 million in volume on the LUNA futures contract over the last 24 hours. Whether LUNA will be halted or permanently removed by these exchanges following its hyperinflation is unclear at the time of writing.
Despite repeated governance proposals and last-ditch efforts to save the blockchain, the Terra Foundation was unable to reverse its fortunes. Whether LUNA will ever recover — or at least exist in a different form — seems questionable. The Terra Foundation has announced that the blockchain has resumed block production — albeit with the stoppage of on-chain swaps and closure of IBC channels.
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