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- The Terra Luna Classic community has proposed to bring Allnodes, a top validator, as an official organization to manage the endpoint for circulating supply.
- The proposal aims to protect against unauthorized changes to the supply by single individuals.
- The prices of LUNC and USTC are nearing a breakout for a rally.
In a recent development, the Terra Luna Classic community has proposed to bring Allnodes as an official organization to manage the endpoint for circulating supply. This move is expected to protect against unauthorized changes to the supply by single individuals and could potentially trigger a rally in LUNC and USTC prices.
Terra Classic Proposes Allnodes for Endpoint Management
The Terra Luna Classic community has started voting on Proposal 12103 “Change official CS API endpoint to Allnodes FCD”. The proposal aims to secure an official organization to host the endpoint providing the correct circulating supply data for Luna Classic. It recommends Allnodes, a top validator, for this role. The voting is set to end on May 18.
Securing the Circulating Supply Data
According to the proposal, Allnodes will be required to update to the latest FCD version and implement the following calculation of circulating supply: Circulating Supply = Total Supply – unvested Tokens – Community Pool Holdings – Staked and bonded tokens. This move will help any third-party website to refer Allnodes FCD API as the official information source for Terra Luna Classic circulating supply of LUNC, USTC, and other native tokens. It also lowers the risk of individuals changing circulating supply or total supply without appropriate discussion and input.
LUNC and USTC Prices Nearing Breakout
The prices of LUNC and USTC have seen a significant increase recently following the news of a decline in circulating supply. This has restored the burn and destroy narrative in the Terra Luna Classic community. The community is also considering burning USTC and LUNC in the LFG wallet to reflect in the total supply. LUNC price is currently up 1% over the last 24 hours, trading at $0.0001052. Meanwhile, USTC price fell 2% in the last 24 hours, trading at $0.0227.
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Conclusion
The proposal to bring Allnodes as an official organization to manage the endpoint for circulating supply is a significant development for the Terra Luna Classic community. It aims to secure the circulating supply data and protect against unauthorized changes. The move has also triggered a rally in LUNC and USTC prices, with the community considering burning tokens to reflect in the total supply. The final decision will be made after the voting ends on May 18.
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