Cryptocurrency exchange Coinbase has revealed that it is now ceasing to support the Terra (LUNA) ecosystem due to the difficult situation it finds itself in and the consequences this is having on investors.
Dropping the Terra Blockchain (LUNA)
According to an official announcement it posted on Twitter, Coinbase Cloud, will stop supporting the Terra Framework. According to the statement from the Coinbase Cloud team, this decision was made in consultation with customers and participants in the ecosystem behind Terra (LUNA).
In an effort to solve the problem that the Terra blockchain is facing, the players in its ecosystem have proposed to implement new solutions, including the creation of a new blockchain. About this, Coinbase Cloud revealed that she would not participate in this.
Coinbase Cloud has announced that customers and people who want it will receive all the help they need on ” the best way to ditch Terra » with minimal effects on business processes.
No support for planned plans
Since the balance of UST against the US dollar was broken, the situation has gone from bad to worse, and Terra finds herself more than ever on her own. Terra (LUNA) and TerraUSD (UST) fell to almost zero. Various Web3 services have stopped supporting connections to Terra (LUNA) nodes and have closed pairs with LUNA and UST.
The creator of the blockchain, Do Kwon, offered to develop new concepts that could restore the Terra (LUNA) blockchain, but also contribute to it becoming even more radiant and efficient. However, these arrangements do not yet enjoy the support of other members of the community. In fact, none of the big names in the Web3 market does not want to participate in the plans that Do Kwon wants to implement.
Terra now finds herself well isolated. The news goes from bad to worse, and there is no sign of change. Indeed, after the collapse of the ecosystem of this digital asset, Coinbase Cloud revealed that it will not support services that are related to this ecosystem.
Source : U.Today
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