Terra Luna Classic Reveals Plan To Introduce EVM Support, LUNC Revival Imminent?

The Terra Luna Classic community looks beyond the typical chain developments to a more diverse approach by enabling Ethereum virtual machine (EVM) support on the chain. It will help the community-led Terra Classic chain to become compliant with new and emerging technologies, introducing many advantages.

Interestingly, the EVM support will allow Terra Luna Classic to use the Solidity programming language, mostly used on EVM chains.

Terra Luna Classic EVM Functionality

Proposal 11978 “Investigate EVM Functionality” is under voting on the Station wallet and has already surpassed the pass threshold. The EVM will expand Terra Luna Classic use cases by bringing the programmability and composability of the EVM and sovereignty and interoperability of the Cosmos.

The proposal has received over 62% votes in favor, with 29 validators supporting the proposal. The deadline for voting is January 17.

“Terra Classic will have the potential to become compliant with new and emerging technologies like Optimistic transactions, where Terra Classic does not need to send direct security information on each transaction, and Rollups, which allow significantly more transactions to be processed at once, dramatically increasing the processing power of Terra Classic,” said ClanMudhorn of Terrarium validator.

EVM support on Terra Classic presents a strategic move toward interoperability and adoption of widely-used blockchain development standards. This can attract projects such as Curve DAO, Uniswap, ChainLink, Hedera, and others.

Moreover, the limitations of inter-blockchain communication (IBC) on EVM will provide added advantage to Terra Luna Classic. The proposal outlines potential approaches, emphasizing a cautious and governance-driven decision-making process.

Read More: Judge Denies Terra & Do Kwon’s Request For Reconsidering Court Ruling

LUNC and USTC Price Momentum Fades

LUNC price fell over 1% in the last 24 hours, with the price currently trading at $0.000121. The 24-hour high and low are $0.000118 and $0.000126, respectively. Moreover, trading volume has decreased by 40% in the last 24 hours, indicating a decline in interest among traders.

Meanwhile, USTC price trades at $0.027, up over 10% in a week. The 24-hour high and low are $0.0266 and $0.0286, respectively.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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