Golden Outpost｜Binance delists LUNA trading pair Terra blockchain officially shuts down

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

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 contract at 23:30 on May 12, 2022 (Eastern Eighth District Time). , the contract trading pair will be delisted after the liquidation is completed. It is also recommended that users close their positions before stopping trading to avoid automatic liquidation of positions.

This fired the first shot in the serial 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 LUNA governance attacks in the context of severe inflation and ever-decreasing attack costs.

Terra says 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 generation, and block delegations are disabled because the new code merge chain has taken effect.

And this cannot prevent LUNA from being removed from the shelves again due to the continued decline in the price.

At around 8:00 on May 13th, Beijing time, Binance issued an announcement announcing that it would stop and delist all LUNA spot trading pairs at 08:40 on May 13th, Beijing time, including LUNA/ BTC , LUNA/BIDR, LUNA/AUD, LUNA/ BNB, LUNA/ ETH , LUNA/USDT, LUNA/GBP, LUNA/BRL, LUNA/TRY and LUNA/EUR.

At this time, it means that LUNA has been "returned to zero" on the main exchange Binance. If the Terra blockchain is shut down, the tokens of other exchanges will also become stand-alone transaction 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 press time.

Terra officially tweeted that the Terra blockchain has officially stopped at block 7607789, and Terra verifiers have stopped the network and proposed 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 Beijing time on May 13, 2022, and the contract trading pair will be delisted after the liquidation is completed. It is recommended that users close their positions before stopping trading to avoid automatic liquidation of positions. ANC is a well-known Defi protocol on the Terra blockchain.

The impact didn’t just happen on Terra. With the plunge and downtime, Avalanche lending agreement Blizz Finance tweeted that because Chainlink suspended the LUNA oracle, this led to several attackers depositing millions of LUNA, and according to the Chainlink oracle The machine borrows all collateral at $0.1. Due to the timelock mechanism, the protocol assets were depleted before the team was suspended.

There are no eggs under the overturned nest.