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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.
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.
GAM finds that there are opportunities in the sector and continues to see promise in Terra's strategy.