Terra Luna Classic Taps Allnodes for Precise Supply Stats

The Terra Luna Classic community has chosen Allnodes to provide accurate LUNC circulating supply data. Proposal 12103, which sought to change the circulating supply API endpoint to Allnodes FCD, was approved with 53% "Yes" votes, but only 57% voter turnout. This move aims to establish a consensus on calculating circulating supply and reduce the risk of unauthorized supply changes. However, persuading Binance and CoinMarketCap to adopt the same API remains a challenge, as they currently use a different definition for circulating supply.

Terra Luna Classic Community Adopts Allnodes for Accurate Circulating Supply Data

In a significant move to enhance transparency and accuracy in its circulating supply data, the Terra Luna Classic community has approved a proposal (Proposal 12103) to appoint Allnodes as the official provider of such data.

With a voter turnout of 57%, the proposal garnered 53% "Yes" votes, 2% "No" votes, 12% "No with Veto" votes, and 32% "Abstain" votes. Notably, several prominent validators, including Interstellar Lounge, HappyCattyCrypto, Hexxagon, and StakeBin, voted in favor of the proposal, while Allnodes and a few others abstained.

Allnodes' Role and Circulating Supply Calculation

As the appointed provider, Allnodes will be responsible for maintaining the endpoint for Terra Luna Classic's circulating supply data. The proposal also outlines the method for calculating the circulating supply as follows:

Circulating Supply = Total Supply – Unvested Tokens – Community Pool Holdings – Staked and Bonded Tokens

This calculation aims to eliminate discrepancies and potential manipulation of circulating supply data. By adopting this standardized method, the community hopes to ensure accurate and reliable data across all third-party platforms that rely on this information.

Addressing External Concerns

However, the proposal also acknowledges an ongoing challenge in aligning the community's preferred method of calculating circulating supply with external sources such as CoinMarketCap and Binance. Developer Raider raised concerns that the official LCD and FCD endpoints for supply calculation had been rejected by CoinMarketCap. Binance, on the other hand, requested the creation of an API that conforms to CoinMarketCap's definition of circulating supply.

Impact on LUNC and USTC Prices

Market analysts are cautiously optimistic about the impact of this move on the prices of Terra Luna Classic (LUNC) and Terra Classic USD (USTC). A recent analysis by CoinGape Markets suggests that a triangle breakout pattern could potentially trigger a 26% rally in LUNC's price. However, the analysts also caution that a break below $0.0001 support could lead to further declines.

USTC's price, on the other hand, has been trading sideways amid low trading volumes in recent days. Despite a slight uptick in activity, the token lacks significant buying interest, as evidenced by a 15% decline in trading volume over the past 24 hours.

Conclusion

The Terra Luna Classic community's adoption of Allnodes for accurate circulating supply data reflects its commitment to transparency and data integrity. While external challenges remain, the community is working towards harmonizing data standards across the industry. The potential price implications of this move, both for LUNC and USTC, are still being gauged by market analysts.