The Terra Luna Classic (LUNC) community was excited about reaching a major milestone as they prepared for the official approval of the Ethereum Virtual Machine (EVM) integration proposal.
The blockchain platform Terra Luna Classic (LUNC) had a promising plan to enhance its adoption and features by integrating the Ethereum Virtual Machine (EVM). Surprisingly, the community rejected this proposal, putting a halt to what could have been an exciting strategic move for the platform.
Setback for Terra Classic: Proposal #11978 on EVM Integration
The Terra Classic community eagerly anticipated the outcome of Proposal #11978, titled “(Signal Prop) Investigate EVM functionality,” as it entered the voting stage, generating optimism among members who expected it to pass.
The community’s statement emphasized the significance of EVM, stating that it has been a benchmark for blockchain development since 2013, encompassing over 910 separate chains. Terra Classic aimed to leverage EVM integration to boost compatibility with emerging technologies and ensure seamless interaction with established blockchain tools and protocols.
This strategic move aligned with the community’s vision of positioning LUNC as a versatile platform capable of attracting diverse projects and developers. Despite positive projections for LUNC’s future, the validators have seemingly hindered the ecosystem’s progress, as the proposal failed to secure approval during the voting phase.
EVM Integration and Terra Classic’s Vision
Ethereum Virtual Machine (EVM), recognized as the standard for blockchain development, holds a dominant position in the crypto landscape. Terra Classic’s aspiration to embrace EVM stems from a desire to harness its robust features and broad support. This move aims to potentially enhance transaction processing speed and attract prominent projects across various domains.
The integration of EVM offers key advantages, particularly in fostering interoperability with well-known blockchain projects and protocols like Curve DAO, Uniswap, ChainLink, and Hedera. This integration opens avenues for collaboration, innovation, and the potential for wider user adoption within the Terra Classic ecosystem. Despite gaining substantial early support, the proposal encountered challenges in maintaining momentum during later stages.
Mixed Performance and Uncertainty for LUNC Post-Rejection
Following the rejected proposal, LUNC has seen a modest 1% increase in the last 24 hours, trading at $0.0001257, and a 3.15% rise over the past week. However, these gains are overshadowed by a significant 23.51% drop in the last 30 days.
Amid subdued community reactions, uncertainty looms over the future of the Terra Classic ecosystem. A user expressed concerns about the impact of the rejection on LUNC’s recovery time, emphasizing the urgency to salvage the project.
Accepting the EVM proposal was deemed crucial for the platform’s evolution. With the rejection, the community now faces an uncertain wait to discover the next steps and hopes that LUNC can achieve the optimistic targets set by Google Bard and ChatGPT.
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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