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- Terra Luna Classic developer reveals discussions with Binance, CoinMarketCap that led to the creation of an API to measure LUNC circulating supply, warns about disputes in the future.
- The developer cautioned the community about the requirement to persuade Binance and CoinMarketCap to use the official API.
- He highlighted the ongoing consolidation of LUNC and USTC prices.
Crypto enthusiasts and investors need to stay informed about the latest developments in Terra Luna Classic’s API dispute and its potential impact on the market.
Terra Luna Classic Circulating Supply API Hosting Dispute
Ex-Terra Rebels developer and Hexxagon co-founder Raider took to X on May 17 to clear the air about the situation related to API created and hosted by him to track circulating supply. He revealed that Binance asked Terra Rebels for an API to provide details on the total supply and circulating supply of Terra Luna Classic.
Details on the API and Its Impact
They were provided with the official LCD and FCD endpoints for supply calculation, which at the time were hosted by TFL. CoinMarketCap rejected the official endpoints and Binance asked to create an API consistent with the circulating supply definition of CoinMarketCap. Raider stated, “The changes I have made to the API configuration since October 2022 were made to keep the circulating supply figure as close to the CMC definition as is possible with information that was currently publicly available at the time.” He added that the API will continue to exist as CoinMarketCap is using it. Furthermore, he has no intention to challenge the proposal to let Allnodes host official endpoints. The community will be required to persuade Binance and CoinMarketCap to a totally different API for total supply and circulating supply.
Conclusion
This development underscores the complexities and challenges in managing and verifying digital asset data in the cryptocurrency ecosystem. Stakeholders must navigate these challenges carefully to maintain transparency and trust.
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