Terra blockchain halts abruptly for second time in March, LUNA price unaffected
- Terra blockchain comes to an abrupt halt on Thursday.
- The core team is investigating the issue, according to an official update.
- LUNA price posts nearly 13% weekly losses.
The Terra blockchain shared an official update on the status of its blockchain. The chain halted on Thursday for no apparent reason. This is the second issue that the chain faced within a month. The team is trying to identify the issue and has informed the community that there will be an update.
LUNA price is down nearly 14% on the weekly time frame.
Also read: LUNA teases arrival of Cosmos-based protocol Alliance’s assets on Terra
Terra blockchain grinds to a halt
The Terra blockchain announced on March 14 that the chain has encountered an unexpected issue and halted. On the same day, the chain was restored, and the team carried out its initial investigation. Informing LUNA users that block production has resumed, the team behind Terra informed the community of a plan to conduct a post-mortem analysis and provide further insights when available.
Update: Block production on Terra has resumed.
— Terra Powered by LUNA (@terra_money) March 14, 2024
The team is still investigating the issue, and will provide a post-mortem after the issue is fully resolved. https://t.co/JbHgZzRmtR
Within a week of the incident, on March 21, the blockchain hit pause on block productions yet again. The team followed up with a similar tweet on X.
The Terra blockchain is currently halted. The core team is investigating the issue and we’ll provide updates here as soon as they're available.
— Terra Powered by LUNA (@terra_money) March 21, 2024
While the core issue seems to remain unidentified, Terra’s token LUNA has seen no negative impact on price yet. At the time of writing, LUNA price is $0.9224, up nearly 4% on the day, recouping its weekly losses of 14%.
LUNA price is currently consolidating below resistance at $1, and the asset is trading nearly 41% below its year-to-date high of $1.55 from March 5.
LUNA/USDT 1-day chart
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
