Terra Luna Classic EVM Proposal Derailed By Allnodes, LUNC Price To Fall?
In a gust of strategic developments, the Terra Classic community recently revealed a monumental achievement for their token as the Terra commune forges ahead with their EVM proposal, garnering significant attention across the broader crypto market. As per a recent statement, the commune has now cracked open the Terra platform to EVM (Ethereum Virtual Machine), eyeing noteworthy perks in the near future.
With the recent EVM integration, the Terra community aims to aid the Terra Classic chain in becoming more flexible with new emerging technologies hovering over the crypto horizon. Meanwhile, with the statement surfacing within the market on Wednesday, market sentiments orbiting LUNC seem to be taking an exciting turn.
Terra Classic Eyes Leveraging EVM Functionality
According to the Terra community’s statement floating across the broader crypto market, building support for EVM development is primarily attributed to EVM’s dominant stand across the global crypto realm. Notably, EVM has positioned itself as a golden standard for blockchain development since 2013 and encompasses over 910 separate chains under its wing. Aligning with this, Terra Classic potentially aims to become compliant with new and emerging technologies globally, ultimately aiding their token as popularity surges. Moreover, with the proposal in favor, the Terra community now eyes processing significantly more transactions in a single go, increasing the chain’s processing power phenomenally.
Intriguingly, as of writing, over 44% voted in favor of the proposal, whereas over 42% voted against it. Meanwhile, 12.06% abstained from voting, and 0.20% voted no with a veto. However, the proposal appears to be gaining traction with a 50% pass threshold.
Furthermore, EVM support on Terra Classic illuminates a tactical maneuver by the community to facilitate interoperability and adoption of widely-used blockchain development standards, gravitating projects such as Curve DAO, Uniswap, ChainLink, and Hedera, among many others, to itself.
However, moving ahead, the community rejected the “Investigate EVM Functionality” proposal as of January 18, curating further inferences.
Also Read: Binance’s Market Share Dips 5% As OKX & Bybit Gain Traction
LUNC Price Drops
As of writing, the LUNC price showcased a fall of 1.26% over the past 24 hours and is currently trading at $0.000123. However, its weekly chart portrayed notable gains, surging 5.80%.
With the recent proposal of building support for EVM on Terra Classic coming into the light, crypto market enthusiasts expect to see bolstered prices shortly ahead.
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