Home Latest News Is the Terra (UST, LUNA) Blockchain Dead? – Bloomberg

Is the Terra (UST, LUNA) Blockchain Dead? – Bloomberg

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The crypto world has been riveted by the rapid collapse of the TerraUSD stablecoin. But its implosion may bring about something just as noteworthy: the death of a major blockchain.
The Terra blockchain — the platform supporting scores of decentralized applications that let users swap crypto coins and earn yields — was halted and then restarted twice in recent days, as the value of its main cryptocurrency, Luna, and the related TerraUSD (UST) stablecoin collapsed following a wave of selling pressure. Along the way, incentives for various parties to support the chain evaporated, sending the ecosystem that nurtured more than 110 applications connected with more than 4 million digital wallets into disarray. While the chain is running again and there are efforts in the works to keep it working — including a new plan proposed Monday by co-founder Do Kwon to start up a new version of the blockchain without UST — the attempt may prove futile with Luna near zero. Meanwhile, many of its functions have been disabled.

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An Open Source activist, who pursues his passion for tech blogging. In early years of his life, he worked as market analyst for a number of companies. Martin has been writing reviews and articles for a local magazine for last five years.