Terra Luna Classic Community Approves Vital Proposal, Anticipates LUNC Price Surge

The Terra Luna Classic community has passed a proposal for Allnodes to provide accurate data on the circulating supply of LUNC. The proposal aims to change the circulating supply API endpoint to Allnodes FCD. While the developer Raider cautioned about the need to convince Binance and CoinMarketCap to use a different API for total supply and circulating supply.

Allnodes will manage the Terra Luna Classic circulating supply endpoint as per the approved proposal “Change official CS API endpoint to Allnodes FCD.” The proposal received 57% voter turnout, with 53% “Yes” votes, 2% “No” votes, 12% “No with veto” votes, and 32% “Abstain” votes. The majority of validators voted in favor of the proposal, while Allnodes and a few others abstained from voting.

Read Also: Binance Increases Tick Size for USTC Pairs, LUNC Investors Eye Price Surge

Top validator Allnodes will be responsible for the endpoint. The proposal also aims to reach a consensus on the method for calculating the circulating supply. Allnodes will need to update to the latest FCD version and apply a specific calculation for circulating supply.

The goal is for third-party websites to use Allnodes FCD API as the official source for information on Terra Luna Classic’s circulating supply of LUNC, USTC, and other native tokens. This change also reduces the risk of unauthorized alterations to circulating supply or total supply.

However, it was revealed that the official LCD and FCD endpoints for supply calculation were rejected by CoinMarketCap, and Binance requested the creation of an API consistent with CoinMarketCap’s definition of circulating supply.

LUNC Price to Soar

Regarding the price, CoinGape Markets’ analysis suggests that a triangle breakout may lead to a 26% recovery for Terra Classic. However, if support at $0.0001 weakens, declines may extend to a specific value in May.

Source: TradingView

The community expects the LUNC price to surpass $0.0002 again due to development activity and staking. LUNC price has been trading sideways after an upswing this week. The 24-hour high is $0.0001061, with trading volume slightly increasing in the past 24 hours.

Read Also: LUNC Community Rallies for Price Surge, Eyes Target of $0.0055

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

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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.