Terra Community Proposes Allnodes for Accurate LUNC Supply Data and USTC Revival

The Terra community is actively working to revitalize the LUNC and USTC tokens. A proposal titled “Change official CS API endpoint to Allnodes FCD” has been submitted, aiming to designate Allnodes as the official organization responsible for maintaining accurate circulating supply data for Luna Classic (LUNC).

Read Also: USTC Nears Full Backing by LFG Assets, Highlighting Stablecoin’s Peg Strength

Ensuring Transparency and Preventing Manipulation

The proposal emphasizes the importance of having a designated entity, like Allnodes, to manage the circulating supply data. This safeguards against unauthorized modifications that could negatively impact the blockchain.

Without a central source, anyone could potentially alter the data without informing developers, validators, or the community. This could have serious consequences for the entire Terra ecosystem.Allnodes, if chosen, will be required to adopt the latest FCD version that incorporates the agreed-upon method for calculating LUNC’s circulating supply.

A New Method for Calculating Circulating Supply

The proposed method for calculating LUNC’s circulating supply involves subtracting unvested tokens, community pool holdings, and staked and bonded tokens from the total supply. This approach differs from the previous one, which resulted in LUNC being treated differently compared to other native tokens.

Read Also: Solana memecoin GME surges 460% in a day as ‘Roaring Kitty’ resurfaces

The proposal also emphasizes that any future modifications to the circulating supply data within the FCD must be approved through a community governance vote.

Potential Broader Impact

If the proposal is implemented, the Allnodes FCD API will likely become the official source of information for USTC and all other native tokens on the Terra chain, not just LUNC.

This proposal to establish Allnodes as an official Terra community organization signifies a critical step towards the restoration of LUNC and USTC. It underscores the need for a reliable source of accurate circulating supply data and prevents unauthorized manipulation.

The proposed method for calculating LUNC’s supply aims to achieve consistency with other native tokens. While still under consideration, the proposal’s approval could significantly influence the future of LUNC, USTC, and the entire Terra ecosystem.

Follow us on Twitter, FacebookTelegram, and Google News.

  • 784 Posts
Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.