LUNC And USTC Revival: Terra Community Votes To Make Allnodes An Official Organization

The Terra community isn’t relenting in its efforts to revive the LUNC and USTC tokens and take them back to their old glory days. This time, the community has proposed a proposal to ensure that the Luna Classic’s (LUNC) circulating supply data is well documented. 

Terra Community Proposes All Allnodes As An Official Organization

The text proposal titled ‘Change official CS API endpoint to Allnodes FCD’ aims to make Allnodes an official organization of the Terra community. Allnodes will be responsible for “hosting the endpoint, providing the correct circulating supply data for Luna Classic.” The proposal also aims to get an agreement from community members about how this circulating supply should be calculated. 

Related Reading: Crypto Price Predictions For 2024: Dogecoin To $2 And XRP To $3

Furthermore, the proposal highlighted why the appointment of an organization like Allnodes has become necessary. It noted that the absence of a named individual or organization to provide this circulating supply data has opened up the possibility of just anyone making changes to this data, which “could be harmful to the chain.” The proposal also included that such unauthorized changes can usually be made without informing developers, validators, or community members

Therefore, it has become essential to appoint an “official source” like Allnodes, which will be the go-to platform for getting the correct data on LUNC’s circulating supply. To accomplish this, Allnodes will be asked to update to the latest FCD version that implements the agreed mechanism for calculating LUNC’s supply

The Proposed Method For Calculating LUNC’s Circulating Supply

The proposed method for calculating LUNC’s circulating supply is to deduct unvested tokens, community pool holdings, and staked and bonded tokens from the total supply. Before now, LUNC’s circulating supply is said to have been calculated by deducting the unvested tokens, community pool holdings, and configured bank accounts from the total supply. This former calculation led to LUNC being handled differently from all other native tokens. 

Related Reading: XRP 7-Year Long Accumulation Draws To An End, What This Means For The Price

Meanwhile, the proposal noted that the circulating supply inside FCD must not be changed without a governance vote going forward. If passed, Allnodes FCD API will also act as the official information source for USTC and all other native tokens besides Luna Classic. Allnodes already agreed to take up the role as long as the proposal is passed. 

Interestingly, data from the Galaxy Station (where the proposal was put up) shows that Allnodes has yet to vote on it. Meanwhile, twelve validators have voted yes in favor of the proposal, one has voted no against the proposal, and one other validator has voted no with veto power. 

Only 5.46% of those authorized to vote have voted, meaning the quorum of 40% needed to pass the proposal is far from being met. However, voting closes on May 19, so there is still enough time for the proposal to pass