The Terra blockchain resumed production after validators shut the network down on May 12 and again on May 13. The network restarted after it shut down on May 12 with the promise to restart in a few minutes. However, it restarted after more than an hour, but later shut down for the second time on Friday morning.
The second restart was announced by the Terra team via its Twitter handle. The post was time-stamped 2.46 pm Berlin Time.
However, it added that on-chain swap has been disabled by the validators. It also stated that IBS channels have been shut down. The release advised users of the blockchain to use alternative interoperable chains for their assets that are off the Terra chain.
The Terra blockchain has resumed block production.
Validators have decided to disable on-chain swaps, and IBC channels are now closed.
Users are encouraged to bridge off-chain assets, such as bETH, to their native chains.
Note: Wormhole bridge is currently unavailable.
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 13, 2022
In a later update, the Terra team said that it has enabled Wormhole bridge on its network. It is not yet clear if the team has plans to continue the minting of LUNA. The Binance CEO, in a previous post by Cryptoinfowatch said that the Terra team should rather concentrate on burning excess LUNA to stabilize their crashed stablecoin, Terra USD instead of minting more of its internal token, LUNA.
Both LUNA and UST, the stablecoin, have lost nearly 100% of their value prior to the crash. It will be interesting to see the remedial measures that will be applied by the team considering that LUNA has reached its maximum supply.
The Luna Guard Foundation, whose responsibility it is to stabilize UST has already used up a large chunk of its forex reserves. The organization dumped $1.4 billion BTC this week in the bid to help their token to stabilize, but this has not given the community the desired result.