Terra Halt, Was it Planned?

Terra stayed as the constant topic of discussion for more than a month, everyone assumes that they know the whole story, Do they? Terraform Lab (TFL) doesn’t seem to be as genuine as they showcase themselves. Terra blockchain halt was sudden and unexpected as per TFL but a piece of inside news tells it was a  “Terra Rebirth League (TRL)”, war room decision.

FatMan tweet:

According to a verified TFL insider, the entire core team working on Anchor, including the creators of the Anchor whitepaper, quit TFL before Anchor’s release because of Do’s adamant decision to force an unsustainable 20% interest rate that they knew may result in a collapse.

— FatMan (@FatManTerra) June 2, 2022

The Twitter thread mentioned above is the inside information describing the backend analysis of Terra halt. The key players like validators, developers, and management officials of the TFL community engaged in a group chat, debating on the immediate actions to be implemented on May 12.

The halt made on the same day seems to be the impact of this discussion among more than 200 members of the TRL which was defined as “a specialized ongoing task force, independently operated, always critically assessing all attack vectors/vulnerabilities.” by one of the members.

And the messenger log shows the difference of opinion among the participants. 

Arguments to be Noted

The major argument kept in front was to let the situation cool down before taking any further steps so that nothing backfires making the situation worse. Another point that was kept in front was to add general investors in the group to have generic opinions but that was also blocked to avoid confusion which was already at its peak.

Even the id named Do Kwon was confused about the happening in the chat and had mentioned it to summarize the whole. 

“Can someone summarize the issue? I’m pretty confused.”

Now the community question is that, something as important as this was being discussed over group chat and which was not even clear and inclusive of everyone. The decision seems to be undemocratic and an imposition of authority. Also, lying to the community keeps the firm’s credibility at stake.


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