As a long-term crypto investor with experience in Terra Luna Classic (LUNC), I’m cautiously optimistic about the recent developments. The community’s decision to appoint Allnodes as the provider of accurate circulating supply data for LUNC is a positive step towards transparency and reducing potential manipulation. However, I’m aware that this change might not be recognized by major exchanges like Binance and CoinMarketCap right away, which could cause some confusion in the market.
As a researcher, I’ve come across information that the Terra Luna Classic community has endorsed a proposal designating Allnodes as the provider of reliable LUNC circulating supply figures. The objective of this proposal was to shift the circulating supply API endpoint towards Allnodes FCD. However, developer Raider raised concerns about the necessity of convincing Binance and CoinMarketCap to adopt an entirely new API for both total supply and circulating supply.
Allnodes To Handle Terra Luna Classic Circulating Supply Endpoint
As a researcher studying the developments within the Terra Luna Classic community, I came across Proposal 12103 that suggested altering the official CS API endpoint to Allnodes FCD. This proposal was approved by the community, but with a voter turnout of just 57%.
The proposal garnered approval from 53% of the validators, with 2% casting “No” votes. An additional 12% indicated “No with veto,” while 32% abstained from voting. Notable validators such as Interstellar Lounge, HappyCattyCrypto, Hexxagon, and StakeBin expressed support for the proposal. Allnodes and some others chose to abstain instead.
Expert response:
To use the most recent FCD version, Allnodes must undergo an update. Here’s how to calculate their circulating supply: Begin with the total supply and subtract unvested tokens, holdings in the community pool, and tokens that are staked or bonded. In simpler terms, Circulating Supply equals Total Supply minus unvested tokens, community pool holdings, and staked/bonded tokens.
Any third-party site can use Allnodes FCD API as their go-to reference for obtaining accurate information regarding the circulating supply of Terra Luna Classic’s LUNC, USTC, and other native tokens. By doing so, it reduces the likelihood of incorrect or outdated data being disseminated, thus minimizing potential risks associated with unauthorized modifications to the circulating or total supply figures.
Raider disclosed that CoinMarketCap and Binance didn’t accept the proposed LCD (Last Consensus Data) and FCD (Finalized Consensus Data) endpoints from the supply calculation provided by the official source. Instead, they requested Binance to establish an API aligned with CoinMarketCap’s circulating supply definition.
LUNC Price to Rally?
Based on the analysis by CoinGape Markets, there is a strong possibility that Terra Classic’s price will surge by 26% following a triangle breakout. Nevertheless, if the support at $0.0001 gives way, the downward trend could continue, potentially reaching as low as $0.000088 in May.
The LUNC community is optimistic that the cryptocurrency’s price will surpass $0.0002 once more due to ongoing development and staking activities. After experiencing growth this week, LUNC’s price has been relatively stable. The highest point in the last 24 hours was at $0.0001061, with a slight uptick in trading volume during this period. However, recent data from CoinGlass indicates an increase in buying activity within the derivatives market over the past few hours.
USTC’s price remained relatively stable over the past few days, with little movement observed even in the previous week. The current price stands at $0.02141, having touched low and high points of $0.02091 and $0.02161 respectively within the last 24 hours. Notably, trading volume has dipped by approximately 15%, hinting at reduced market activity and minimal trader engagement.
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2024-05-20 18:54