The Terra Luna Classic (LUNC) community has taken a step towards improving data transparency by voting to appoint Allnodes as the official provider of circulating supply data. This move aims to ensure accurate information for platforms like Binance and CoinMarketCap. However, a potential roadblock lies ahead.
Community Chooses Allnodes for Circulating Supply
Proposal 12103, seeking to change the official circulating supply (CS) API endpoint to Allnodes FCD, was passed by the Terra Luna Classic community. Although only 57% of voters participated, 53% voted “Yes,” indicating support for the change.
This decision empowers Allnodes, a leading validator, to provide the endpoint and establish a consensus on calculating circulating supply. The proposed calculation excludes unvested tokens, community pool holdings, and staked/bonded tokens from the total supply, providing a clearer picture of readily available LUNC tokens.
Benefits and Potential Hurdles
The Allnodes solution offers several advantages. Firstly, it establishes a single source of truth for LUNC’s circulating supply, making it easier for third-party websites to access accurate data. Secondly, it reduces the risk of unauthorized manipulation of supply figures.
However, a key challenge remains. Developer Raider revealed that previous attempts to use official LCD and FCD endpoints were rejected by CoinMarketCap. Additionally, Binance requested an API aligned with CoinMarketCap’s definition of circulating supply.
Unless Binance and CoinMarketCap adopt the Allnodes approach, the impact on LUNC’s price might be limited. While Markets’ analysis predicts a potential 26% rally based on a technical breakout, wider adoption of the new data source is crucial for long-term price stability.
Also Read: LUNC Seeks Lifeline: Community Votes to Revive Osmosis Bridge for Liquidity Boost
Current Market Situation
Despite the recent proposal, LUNC’s price is currently trading sideways after an initial upswing this week. While derivatives data suggests some buying activity, the lack of significant price movement indicates a wait-and-see approach from investors.
The fate of USTC, the algorithmic stablecoin within the Terra Luna Classic ecosystem, also remains uncertain. Its price is hovering around $0.02, with low trading volume reflecting a lack of investor interest.
The Road Ahead
The Terra Luna Classic community’s decision to adopt Allnodes for circulating supply data represents a positive step towards transparency. However, convincing major exchanges like Binance and CoinMarketCap to adopt the same approach will be essential for ensuring the long-term health of the LUNC ecosystem and its associated tokens.
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