In a surprising turn of events for the Terra Luna Classic (LUNC) community, the much-anticipated Ethereum Virtual Machine (EVM) integration proposal, titled Proposal #11978, has been met with rejection, sending shockwaves through the ecosystem. The proposal, titled “(Signal Prop) Investigate EVM functionality,” had been generating optimism within the community, with many expecting its passage to mark a significant milestone for Terra Classic.
Integration of EVM
The Terra Classic community had been gearing up for the integration of the Ethereum Virtual Machine, which has been a cornerstone of blockchain development since 2013, boasting over 910 separate chains under its umbrella. The community envisioned this integration as a strategic move to enhance Terra Classic’s compatibility with emerging technologies and promote seamless interaction with established blockchain tools and protocols. The ultimate goal was to position LUNC as a flexible and adaptable platform capable of attracting diverse projects and developers.
What EVM Could Bring
EVM integration brings with it a myriad of advantages, including the ability to leverage its robust features and wide support. Terra Classic hoped that embracing EVM would lead to faster transaction processing and attract high-profile projects across various domains. Key among its advantages is the potential for interoperability with popular blockchain projects and protocols like Curve DAO, Uniswap, ChainLink, and Hedera, paving the way for collaboration, innovation, and broader user adoption within the Terra Classic ecosystem.
Pancake Swap-Not Interested
EVM – Not Interested
— Addzz (@AddzzAdam) January 17, 2024
Does Proposal Rejection Affect LUNC’s Price?
Despite the setback of the rejected proposal, LUNC has exhibited resilience in the market. It is currently up relatively 1% over the last 24 hours, trading at $0.0001257, and has seen a 3.15% increase over the past week. However, these gains are overshadowed by a significant 23.51% drop over the last 30 days. The community’s reaction has been mixed, with some expressing deflation and uncertainty about the future of the Terra Classic ecosystem. A user noted that the rejection could impact LUNC’s recovery time, emphasizing the urgency to salvage the project.
Now, the Terra Classic community is left in anticipation, waiting to see what comes next for the platform. The rejection of the EVM proposal has created a sense of uncertainty, and the community is keenly observing whether LUNC can still achieve the bullish targets set by Google Bard and ChatGPT. The next steps taken by the community and the project’s developers will undoubtedly play a crucial role in shaping the future trajectory of Terra Classic in the competitive blockchain landscape.