Terra luna classic LUNC with price chart at the back
  • A Terra Luna Classic developer cautioned the community about the complexities of transferring API endpoints to Allnodes to ensure accurate LUNC circulating supply data, following discussions with Binance for a custom API.
  • The proposal under voting aims to secure an official platform for hosting the endpoint, with the community needing to persuade Binance and CoinMarketCap to accept a new API.

A significant development has emerged in the Terra Luna Classic (LUNC) community involving discussions with Binance on creating a custom API for circulating supply. A Terra Luna Classic developer has cautioned the community about the complexities of transferring endpoints to the top validator platform Allnodes to ensure accurate LUNC circulating supply data.

Ex-Terra Rebels developer and Hexxagon co-founder, Raider, took to social media platform X on May 17 to address the ongoing situation concerning the API he created and hosted to track circulating supply. According to Raider, Binance requested Terra Rebels to provide an API detailing the total supply and circulating supply of Terra Luna Classic. They were initially provided with official LCD and FCD endpoints for supply calculation, which were hosted by TFL at the time. However, CoinMarketCap (CMC) rejected these official endpoints, prompting Binance to request an API that aligns with CMC’s definition of circulating supply.

“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,” Raider stated. He further emphasized that the API will continue to exist as CoinMarketCap is currently using it. Raider also clarified that he does not intend to contest the proposal to allow Allnodes to host the official endpoints. However, he noted that the community must persuade Binance and CoinMarketCap to accept a new API for total supply and circulating supply data.

The proposal under voting aims to secure an official organization or platform to host the endpoint, preventing unauthorized changes to the Terra Classic supply without community approval. This move is crucial to maintaining transparency and accuracy in the circulating supply data of LUNC.

Meanwhile, LUNC and USTC prices continue to consolidate. LUNC is up 0.5% over the last 24 hours, currently trading at $0.0001077, with a 24-hour high and low of $0.0001091 and $0.0001058, respectively. Despite this slight uptick, the trading volume has decreased by 35% in the past 24 hours. On the futures front, LUNC and 1000LUNC are experiencing selloff pressure, with total LUNC futures down nearly 1% and futures on Binance falling almost 2%.

Similarly, USTC has seen a 1% decline in the last 24 hours, trading at $0.0219, with a 24-hour low of $0.02096 and a high of $0.02221.

As the LUNC community navigates these technical and organizational challenges, the outcome of the proposal and the ongoing dialogue with major platforms like Binance and CoinMarketCap will play a pivotal role in shaping the future stability and transparency of Terra Luna Classic.

By vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.