Terra Community Pushes for Allnodes to Become Official Organization
The Terra community is actively working towards revitalizing the LUNC and USTC tokens to bring them back to their former glory days. A recent proposal has been put forth to ensure that the Luna Classic’s circulating supply data is accurately documented. The community is aiming to make Allnodes an official organization within the Terra community, responsible for hosting the endpoint and providing correct circulating supply data for Luna Classic.
Additionally, the proposal seeks to gain consensus from community members on how this circulating supply should be calculated. This move comes in response to the importance of having a reliable source for circulating supply data, which can prevent unauthorized changes that may be detrimental to the chain.
Calculating LUNC’s Circulating Supply
The proposed method for calculating LUNC’s circulating supply involves deducting unvested tokens, community pool holdings, and staked and bonded tokens from the total supply. Previously, LUNC’s circulating supply was calculated by subtracting unvested tokens, community pool holdings, and configured bank accounts from the total supply, resulting in LUNC being treated differently from other native tokens.
Moreover, the proposal emphasizes that any changes to the circulating supply within FCD should only be made with a governance vote. If approved, Allnodes FCD API will serve as the official source of information not only for USTC and Luna Classic but also for all other native tokens. Allnodes has expressed readiness to fulfill this role pending the approval of the proposal.
Voting and Future Actions
At the Galaxy Station, where the proposal was presented, Allnodes has yet to cast a vote. However, twelve validators have voted in favor of the proposal, while one has voted against it, and another has voted with veto power. Despite the current voter turnout standing at 5.46%, well below the required 40% quorum, voting remains open until May 19.
There is still time for the proposal to garner more support and potentially pass, signaling a significant step towards ensuring transparency and accuracy in circulating supply data within the Terra community.
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