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  • The Terra Luna Classic community has approved a proposal to appoint Allnodes as the provider of accurate circulating supply data, with a 53% majority vote.
  • This move is expected to enhance data transparency and potentially drive a 26% rally in LUNC’s price in the coming weeks.

Allnodes To Handle Terra Luna Classic Circulating Supply Endpoint

In a significant move, the Terra Luna Classic (LUNC) community has approved a proposal appointing Allnodes to provide accurate circulating supply data. The decision comes as part of the community’s ongoing efforts to ensure transparency and accuracy in LUNC’s supply metrics. The proposal, which aimed at switching the circulating supply API endpoint to Allnodes FCD, received substantial support, garnering 53% of votes in favor.

The proposal, labeled “Change official CS API endpoint to Allnodes FCD” (Proposal 12103), saw a voter turnout of 57%. The vote breakdown included 53% “Yes” votes, 2% “No” votes, 12% “No with veto” votes, and 32% “Abstain” votes. The majority of validators, such as Interstellar Lounge, HappyCattyCrypto, Hexxagon, and StakeBin, supported the proposal, while Allnodes and a few others chose to abstain.

As a result, Allnodes, a top validator, will now be responsible for the new endpoint. The proposal also seeks a consensus on the method of calculating the circulating supply, which will be defined as:

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

This change is expected to enhance the reliability of data provided to third-party websites, solidifying Allnodes FCD API as the official source for Terra Luna Classic circulating supply data. However, developer Raider has highlighted challenges, noting that Binance and CoinMarketCap require a consistent API for total and circulating supply, which was previously rejected.

LUNC Price to Rally?

The approval of this proposal has sparked optimism within the Terra Luna Classic community about a potential price rally. According to an analysis by CoinGape Markets, LUNC is on the brink of a triangle breakout, which could lead to a 26% price increase in the coming weeks. However, the analysis warns that if support at $0.0001 falters, the price may dip further to $0.000088 in May.

Currently, the community is optimistic that LUNC’s price could surpass $0.0002 again, driven by development activities and staking. The price has been trading sideways following a recent upswing, with a 24-hour high of $0.0001061 and a slight increase in trading volume. CoinGlass data on derivatives trading also indicates a recent surge in buying activity.

USTC, another native token, has experienced a period of low trading volumes and price stability. It is currently trading at $0.02141, with a 24-hour low and high of $0.02091 and $0.02161, respectively. The decreased trading volume by 15% suggests reduced trader interest in the token recently.

Overall, the Terra Luna Classic community’s approval of Allnodes as the new circulating supply data provider marks a significant step towards greater transparency and reliability. As the community anticipates a potential price rally, the coming weeks will be crucial in determining the actual impact of these developments on LUNC’s market performance.

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.