Binance Delists LUNA Trading Pair Terra Blockchain Officially Down

At 23:00 on the evening of May 12, LUNA fell below US$0.01 and quoted US$0.0065, and LUNA fell by 99.85% within the day again.

As the price fell below Binance’s scheduled delisting price, Binance issued an announcement that Binance Futures will automatically liquidate LUNA’s U-margined perpetual contracts at 23:30 on May 12, 2022 (East 8th district time). , the contract trading pair will be delisted after the liquidation is over. It is recommended that users close their positions by themselves before stopping trading to avoid automatic liquidation of positions.

This fired the first shot of a continuous response.

Half an hour after the perpetual contract was delisted, Terra officially tweeted that the Terra blockchain has been suspended at block height 7603700. Terra’s validators decided to stop the Terra chain, mainly to prevent a governance attack on LUNA in the face of severe inflation and decreasing attack costs.

Terra said validators are applying a patch to disable further delegation, and they will coordinate within minutes to restart the network.

Three hours later, Terra officially tweeted that the Terra blockchain has resumed block production, and since the new code merge chain has taken effect, block delegations are disabled.

And this cannot stop the further delisting of LUNA caused by the continued decline of the price.

At around 8:00 on May 13th, Beijing time, Binance issued an announcement to stop and delist all LUNA spot trading pairs, including LUNA/BTC, LUNA/BIDR, LUNA/AUD, LUNA/ BNB, LUNA/ETH, LUNA/USDT, LUNA/GBP, LUNA/BRL, LUNA/TRY and LUNA/EUR.

At this point, it means that LUNA has been “returned to zero” on the main exchange Binance. If the Terra blockchain goes down, the tokens of other exchanges will also become stand-alone trading tokens.

At present, on other exchanges, UST has been quoted at around 0.1u, while LUNA rebounded after bottoming out at 0.006u, and the price was around 0.01u at the time of writing.

Terra officially tweeted that the Terra blockchain has officially stopped at block 7607789, and Terra validators have stopped the network and come up with a plan to rebuild it.

Affected by LUNA, Binance also announced that it will automatically liquidate the ANC USDT standard perpetual contract at 12:00 on May 13, 2022 Beijing time, and the contract trading pair will be delisted after the liquidation. Users are advised to close their positions before stopping trading to avoid positions being automatically liquidated. ANC is a well-known Defi protocol on the Terra blockchain.

The impact wasn’t just on Terra, with the slump and outage, Avalanche lending protocol Blizz Finance tweeted that due to Chainlink’s suspension of the LUNA oracle, this led to several attackers depositing millions of LUNA and according to Chainlink’s oracles The machine borrows all collateral at $0.1. Due to the timelock mechanism, the protocol assets are exhausted before the team is suspended.

There are no eggs under the nest really.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/binance-delists-luna-trading-pair-terra-blockchain-officially-down/
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