In a wave of strategic developments, the Terra Classic community recently revealed a monumental achievement for its token as the Terra community moves forward with its EVM proposition, garnering significant attention in the broader cryptocurrency market. According to a recent statement, the municipality has now opened up the Terra platform to EVM (Ethereum Virtual Machine), anticipating noteworthy benefits in the near future.
With the recent EVM integration, the Terra community aims to help the Terra Classic chain become more flexible with new emerging technologies hovering on the crypto horizon. Meanwhile, with the statement emerging in the market on Wednesday, market sentiments around LUNC appear to be taking an exciting turn.
Terra Classic Eyes which uses the EVM functionality
According to the Terra community statement circulated in the broader cryptocurrency market, the creation of support for the development of EVM is mainly attributed to EVM’s dominant position in the global cryptocurrency realm. Notably, EVM has positioned itself as the gold standard for blockchain development since 2013 and includes over 910 separate chains under its wing. In line with this, Terra Classic potentially aims to become compliant with new and emerging technologies globally, ultimately helping their token as popularity increases. Furthermore, with the favorable proposal, the Terra community now aims to process significantly more transactions at once, phenomenally increasing the processing power of the chain.
Interestingly, at the time of writing, over 44% voted in favor of the proposal, while 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 highlights a tactical move by the community to facilitate interoperability and adoption of widely used blockchain development standards, gravitating towards projects such as Curve DAO, Uniswap, ChainLink and Hedera, among many others.
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Price reduction LUNC
At the time of writing, LUNC price has seen a decline of 1.26% over the past 24 hours and is currently trading at $0.000123. However, its weekly chart showed notable gains, up 5.80%.
With the recent proposal to create support for EVM on Terra Classic coming to light, cryptocurrency market enthusiasts expect to see strengthened prices shortly.
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