Terra Luna Classic Proposal Criticized for Non-Compliance with Binance and CoinMarketCap

Binance Terra Classic

A developer from Terra Luna Classic discussed creating an API with Binance and CoinMarketCap to track LUNC’s circulating supply. They raised concerns about potential future disputes regarding this data.

The developer also warned against a proposal to move supply measurement endpoints to Allnodes, aiming to ensure official oversight and prevent unauthorized changes to Terra Classic’s supply.

Developer Raider Clarifies API Role for Terra Luna Classic Circulating Supply

Raider, former Terra Rebels developer and co-founder of Hexxagon, addressed concerns on X regarding an API he created to track Terra Luna Classic’s circulating supply. According to Raider, Binance approached Terra Rebels for an API to accurately report both total supply and circulating supply figures for Terra Luna Classic. Initially, they used official LCD and FCD endpoints hosted by TFL for these calculations, which were requested by Binance but rejected by CoinMarketCap.

Raider emphasized that adjustments made to the API configuration since October 2022 aimed to align circulating supply figures closely with CoinMarketCap’s definition using publicly available information at the time. He affirmed that the API remains in use by CoinMarketCap and stated no opposition to the proposal suggesting Allnodes as the official host for these endpoints. However, Raider stressed that community support would be crucial in convincing Binance and CoinMarketCap to adopt a different API for total and circulating supply data.

Cryptocurrency Market Update

LUNC Price Analysis: LUNC, the cryptocurrency, has seen a slight increase of 0.5% over the past 24 hours, currently trading at $0.0001077. During this period, it reached a high of $0.0001091 and a low of $0.0001058. However, trading volume has declined by 35% compared to the previous day.

LUNC Futures Activity: In the futures market, both LUNC and its derivative, 1000LUNC, are experiencing selling pressure. Total LUNC futures have decreased by nearly 1% in the last 24 hours, with Binance futures specifically dropping by almost 2%.

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USTC Price Movement: USTC, another cryptocurrency, has seen a 1% decline in its price over the past day, currently trading at $0.0219. The price fluctuated between a low of $0.02096 and a high of $0.02221 during this period.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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