Terra Luna Classic Community Passes Crucial Proposal, LUNC Price to Rally?

Terra Luna Classic community has approved a proposal appointing Allnodes to provide accurate LUNC circulating supply data. The proposal aimed at changing the circulating supply API endpoint to Allnodes FCD, while developer Raider warned about the need to persuade Binance and CoinMarketCap to use a totally different API for total supply and circulating supply.

Allnodes To Handle Terra Luna Classic Circulating Supply Endpoint

Proposal 12103 “Change official CS API endpoint to Allnodes FCD” was passed by the Terra Luna Classic community, with only 57% voter turnout.

The proposal has received 53% “Yes” votes, along with 2% “No”, 12% “No with veto”, and 32% “Abstain” votes. Majority of validators including Interstellar Lounge, HappyCattyCrypto, Hexxagon, and StakeBin have voted in favor of the proposal, Allnodes and a few others voted “Abstain”.

Top validator Allnodes will provide the endpoint. Furthermore, the proposal also seeks to get a consensus about the method of calculating the circulating supply.

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 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. This also lowers the risk of individuals changing circulating supply or total supply, without appropriate discussion and input.

However, Raider revealed that the official LCD and FCD endpoints for supply calculation were rejected by CoinMarketCap and Binance asked to create an API consistent with the circulating supply definition of CoinMarketCap.

Also Read: Bitcoin Price Today – Exchange Supply Hits Low At 1.7M BTC Ahead ETF Second Wave

LUNC Price to Rally?

LUNC price analysis by CoinGape Markets revealed a triangle breakout is likely to set Terra Classic on a path to 26% recovery. However, if support at $0.0001 weakens, declines may extend to $0.000088 in May.

The community expects LUNC price to cross $0.0002 again amid development activity and staking. LUNC price trading sideways after an upswing this week. The 24-hour high is $0.0001061, with trading volume rising slightly in the past 24 hours. However, derivatives trading data by CoinGlass revealed a buying activity in the last few hours.

USTC price also moved sideways amid low trading volumes in the last few days, especially last week. The price is trading at $0.02141, with a 24-hour low and high of $0.02091 and $0.02161, respectively. Trading volume has decreased by 15%, indicating a lack of interest among traders.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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