Revival of LUNC and USTC: Terra (LUNA) Community Votes for Allnodes as Official Organization

  • The Terra community is making strides to restore the LUNC and USTC tokens to their former glory, with a new proposal to ensure accurate documentation of Luna Classic’s (LUNC) circulating supply data.
  • The proposal suggests making Allnodes an official organization of the Terra community, responsible for providing the correct circulating supply data for Luna Classic.
  • The proposal also highlights the need for an official source like Allnodes to prevent unauthorized changes to data, which could be detrimental to the chain.

The Terra community is taking proactive steps to restore the LUNC and USTC tokens, with a proposal to make Allnodes an official organization, responsible for providing accurate circulating supply data for Luna Classic.

Terra Community Proposes Allnodes As An Official Organization

The text proposal, titled ‘Change official CS API endpoint to Allnodes FCD,’ aims to make Allnodes an official organization of the Terra community. Allnodes will be responsible for “hosting the endpoint, providing the correct circulating supply data for Luna Classic.” The proposal also aims to get an agreement from community members about how this circulating supply should be calculated. The proposal highlights the importance of having a named organization like Allnodes to prevent unauthorized changes to data, which could be harmful to the chain.

The Need for an Official Source

Without an official source, anyone could potentially make changes to the circulating supply data, which could be detrimental to the chain. These changes could be made without informing developers, validators, or community members. Therefore, an official source like Allnodes is essential. Allnodes will be asked to update to the latest FCD version that implements the agreed mechanism for calculating LUNC’s supply.

The Proposed Method For Calculating LUNC’s Circulating Supply

The proposed method for calculating LUNC’s circulating supply is to deduct unvested tokens, community pool holdings, and staked and bonded tokens from the total supply. This new calculation method differs from the previous one, which led to LUNC being handled differently from all other native tokens. The proposal also notes that the circulating supply inside FCD must not be changed without a governance vote going forward. If passed, Allnodes FCD API will also act as the official information source for USTC and all other native tokens besides Luna Classic.

Conclusion

The proposal to make Allnodes an official organization of the Terra community is a significant step towards restoring the LUNC and USTC tokens. It highlights the need for an official source to provide accurate circulating supply data and prevent unauthorized changes. The proposed method for calculating LUNC’s circulating supply aims to ensure consistency with other native tokens. The proposal is still under vote, but if passed, it could have a significant impact on the future of Luna Classic and other native tokens.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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