The Terra Luna Classic (LUNC) community was gearing up to celebrate a significant milestone with the official passage of the Ethereum Virtual Machine (EVM) integration proposal.
This strategic move was set to open doors to exciting possibilities for the blockchain platform, potentially propelling its adoption and functionality. However, in a shocking move, the proposal was rejected by the community.
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Proposal #11978, titled “(Signal Prop) Investigate EVM functionality,” has been in the voting stage for a few days, and it sparked optimism and hope in the community, as many expected it to pass.
According to the Terra Classic community statement, “EVM has been the gold standard for blockchain development since 2013 and has over 910 separate chains under its umbrella.” With EVM integration, Terra Classic aimed to enhance its compatibility with emerging technologies and facilitate seamless interaction with established blockchain tools and protocols.
This aligns with the community’s vision of positioning LUNC as a flexible and adaptable platform capable of attracting diverse projects and developers. Despite recent bullish predictions for LUNC, the validators seem to be acting against the ecosystem’s progress, as the proposal did not make it through the voting phase.
What Could an EVM Bring to Terra Classic?
EVM, often referred to as the de facto standard for blockchain development, boasts a dominant presence in the crypto landscape. By embracing EVM, Terra Classic hopes to leverage its robust features and wide support, potentially enabling faster transaction processing and attracting high-profile projects across various domains.
One of the key advantages of EVM integration lies in its ability to foster interoperability with popular blockchain projects and protocols, such as Curve DAO, Uniswap, ChainLink, and Hedera. This opens doors for collaboration, innovation, and potentially broader user adoption for the Terra Classic ecosystem. The proposal garnered significant support in the early stages but could not sustain it.
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LUNC’s Reaction
Despite the rejected proposal, LUNC is up relatively 1% over the last 24 hours, trading at $0.0001257. It is also up 3.15% over the past week. However, these pale in comparison to its 23.51% drop over the last 30 days.
With deflated reactions from the community, many are uncertain of the future of the Terra Classic ecosystem. One user stated that this rejection would hurt LUNC’s recovery time, adding that there wasn’t much time left to save the project.
Accepting the EVM proposal would have been pivotal in the platform’s evolution. Now, the community will have to wait to see what comes next and hope LUNC can reach the bullish targets set by Google Bard and ChatGPT.
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