Coinbase’s blockchain API and cloud service stops supporting Terra (LUNA). What about Terra 2.0?
Coinbase Cloud, an infrastructure arm of the largest U.S.-based crypto ecosystem Coinbase, has shared an important announcement for developers and businesses interested in building on Terra (LUNA) APIs.
Coinbase Cloud ceases support for Terra (LUNA) infrastructure
According to the official announcement shared on Coinbase Cloud’s Twitter account, support for Terra’s infrastructure will be discontinued.
1/ Through speaking with customers and ecosystem participants, we are making a tough decision to wind down support for the Terra ecosystem. We are discontinuing support for the existing Terra chain and are not planning to support a potential new Terra chain at this time.
— Coinbase Cloud (@CoinbaseCloud) May 20, 2022
As per the statement by the Coinbase Cloud team, this decision was taken in consultation with the customers and ecosystem participants behind Terra (LUNA).
Also, amid rumors about the potential spin-off of Terra (LUNA) protocol with a reconsidered minting policy and adjusted tokenomic design, Coinbase Cloud made it clear that the “potential” new chain would not be added to its stack of nodes.
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Coinbase Cloud announced that customers and enthusiasts will receive all necessary support on “how to best roll off Terra” with minimal effects on business processes.
Will Terra 2.0 go live?
As covered by U.Today previously, Terra (LUNA) ecosystem crashed due to flaws in the tokenomic design of its LUNA/UST balance and massive liquidity withdrawals from Anchor Protocol (ANC).
Both Terra (LUNA) and TerraUSD (UST) dropped to almost zero; various Web3 services stopped supporting connections to Terra (LUNA) nodes and closed pairs with LUNA and UST.
Terraform Labs’ Do Kwon proposed a number of concepts to reestablish Terra (LUNA) blockchain. However, some Web3 majors denied support of his upcoming plans.