Last week, Terra went through a series of event that led to the death spiral of $UST. Nearly $40b in market cap across $UST and $LUNA is wiped out, and TerraUSD is now trading at $0.08. With the unprecedented collapse of $UST, the future of Terra is uncertain. This incident has affected our merchants and users, and therefore we are temporarily ceasing the services on the current Terra blockchain to protect our users and merchants.
Ceasing services on current Terra blockchain
To minimise the risk for our users and merchants, we are temporarily ceasing services on Suberra on the Terra blockchain.
- Users are encouraged to withdraw all their $UST from the SUBWallet. Deposit button will be disabled on the app.
- Existing recurring donations and subscriptions will be ceased and the next charge will not be made. Existing subscribers of Delphi Digital are encouraged to switch their payment method back to credit card to maintain their subscriptions. This can be done by you on Delphi account dashboard.
Outlook on Proposal 1623
Suberra has been participating in discussions on several governance proposals for future Terra hard forks. Our team is aware of the engineering challenges and risks with hard forks. Without a robust network of validators and infrastructure, the new fork will come with questionable economic security with lesser number of validators and stake. In addition, there are also other uncertainty on the new chain migration such as liquidity management for stablecoins and technical migration details.
Our team will monitor and observe the situation before committing to build on the new Terra blockchain. The security and safety of our users and merchants are of utmost priority, and we will resume the service once the new chain has demonstrated to be stable and resilient over a period of time.
The Road Ahead
Our long-term mission is to bring crypto adoption to more users and merchants by building the infrastructure for our Web 3.0 recurring payments platform. Over the past few months, our merchants and users have requested for Suberra to support other blockchain networks.
As such, Suberra is building and will be releasing our product on EVM chains such as Binance Smart Chain, Avalanche and Polygon. This will allow our merchants to reach out to a larger network of users and start receiving recurring payments with USDT and USDC for their product subscriptions.
We are excited about the possibilities, and will improve Suberra with the lessons and feedback that our users have given us over the last few months. Stay tune for more updates!
If you have ideas or suggestions, let’s chat on Discord.
If you are merchant interested in this service, please reach out to us at hello@suberra.com or drop us a DM on Twitter.
