The Terra team told its community via a tweet on Friday that the Terra blockchain has resumed block production. This latest development came only a few hours after the team halted block production. Terra said its validators have decided to disable on-chain swaps, and Inter Blockchain Communication (IBC) channels are now closed. Furthermore, Terra users were asked to bridge off-chain assets to their native chains.
Terra is an algorithmic stablecoin platform operating on a Proof of Stake (PoS) blockchain infrastructure built with Tendermint. LUNA, the native token of the Terra ecosystem, is down by more than 13% in the last 24 hours and is trading at $0.00024113 at press time.