The demise of a crypto ecosystem of the size and depth of Terra would mark a milestone in the history of blockchain, the digital-ledger technology that was initially created to support Bitcoin more than a decade ago and is now the bedrock of the myriad cryptocurrencies that have cropped up since. — 123rf.com
The crypto world has been riveted by the rapid collapse of the TerraUSD stablecoin. But its implosion may bring about something just as noteworthy: the death of a major blockchain.
The Terra blockchain – the platform supporting scores of decentralised applications that let users swap crypto coins and earn yields – was halted and then restarted twice in recent days, as the value of its main cryptocurrency, Luna, and the related TerraUSD (UST) stablecoin collapsed following a wave of selling pressure.
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