LUNC And USTC Revival: Terra Community Votes To Make Allnodes An Official Organization
Release: 2024/05/14 21:04 Reading: 664
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=299939
The Terra community remains steadfast in its endeavors to revitalize the LUNC and USTC tokens, restoring them to their former glory. This time, the community has put forth a proposal to ensure accurate documentation of Luna Classic's (LUNC) circulating supply data.
Terra Community Proposes All Allnodes As An Official Organization
The text proposal entitled 'Change official CS API endpoint to Allnodes FCD' aims to designate Allnodes as an official entity within the Terra community. Allnodes will assume the role of "hosting the endpoint and providing accurate circulating supply data for Luna Classic." The proposal also seeks consensus among community members regarding the method of calculating this circulating supply.
Related Reading: Crypto Price Predictions For 2024: Dogecoin To $2 And XRP To $3
The proposal underscores the necessity of appointing an organization like Allnodes. It emphasizes that the absence of a designated individual or organization to provide circulating supply data has created a loophole, allowing anyone to alter the data, which "could be harmful to the chain." The proposal further highlights that such unauthorized changes can often be made without the knowledge of developers, validators, or community members.
Therefore, it has become imperative to establish an "official source" such as Allnodes, which will serve as the definitive platform for obtaining accurate data on LUNC's circulating supply. To this end, Allnodes will be requested to upgrade to the latest FCD version, which implements the agreed-upon mechanism for calculating LUNC's supply.
Proposed Method For Calculating LUNC's Circulating Supply
The proposed method for calculating LUNC's circulating supply entails deducting unvested tokens, community pool holdings, and staked and bonded tokens from the total supply. Previously, LUNC's circulating supply was reportedly calculated by subtracting unvested tokens, community pool holdings, and configured bank accounts from the total supply. This previous calculation resulted in LUNC being treated differently from all other native tokens.
Related Reading: XRP 7-Year Long Accumulation Draws To An End, What This Means For The Price
The proposal emphasizes that the circulating supply within FCD should not be subject to alteration without a governance vote in the future. If approved, Allnodes FCD API will also become the official source of information for USTC and all other native tokens apart from Luna Classic. Allnodes has already consented to assuming this role should the proposal pass.
Notably, data from Galaxy Station (where the proposal was presented) indicates that Allnodes has not yet cast a vote on the matter. However, twelve validators have voted in favor of the proposal, one has voted against it, and another validator has voted against it with veto power.
Only 5.46% of those eligible to vote have participated, indicating that the quorum of 40% required to pass the proposal is far from being reached. Nevertheless, voting remains open until May 19, providing ample time for the proposal to gain the necessary support.
src="/uploads/20240514/1715692543664363ffc3ddb.png">LUNC price drops to $0.0001 | Source: LUNCUSDT on Tradingview.com Featured image from Coin Edition, chart from Tradingview.com
Recent news
More>- 60.9 Billion Dogecoin (DOGE) in 24 Hours, What's Happening? 11-27
- Historic Milestones: Bitcoin approaching $100,000 and Pepe Unchained secures over $52 million in presale 11-27
- UK’s financial regulator to implement final crypto rules by 2026 11-27
- Dogecoin’s Dogebox Will Revolutionize Everyday Transactions in 2025 11-27
- From Dogecoin to Dogen: The 10,000% Rally Everyone Is Talking About! 11-27
- Bets.io – one of the most wonderful and safe online crypto-casinos 11-27
- This week’s crypto opportunities: Buy signals for XRP, LINK, and XYZ 11-26
- Trump’s Pet Pepe (TRUMPEPE) Solana Memecoin Will Rally 18,000% Before Exchange Listings, As Shiba Inu and DOGE Lag 11-26
- Analyst Predicts This Layer-2 Meme Coin Could Surge 150X at Launch 11-26
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com