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Ethereum Classic has recently announced to great fanfare, that the much awaited ETC hard fork, Mystique is finally live now. The upgrade was activated at block 14,525,000 which was expected. With Bitcoin Cooperative clarifying beforehand that such is not a contentious hard-fork, just a routine protocol upgrade. Notably, by the end of the last month, the node readiness was just at 35% across the board. And at the time of writing, the total node readiness has spiked to nearly 65.4%. And now compatibility is the larger focus.
Why was Mystique so vital for Ethereum Classic?
The latest hard-fork of the Ethereum Classic network will allow and enable outstanding Ether London upgrades to be implemented across the ETC network. Mystique was initially proposed in the formog EIP 1104. Through the similar and only parts or subsets of the London upgrade have now been selectively enabled on the ETC Network,
According to Afri Schoedon, the most essential feature of the ETC network today is its protocol parity with other EVM networks. And such is the biggest benefit of using theEthereum Classic network.
Moreover, the latest hard-fork includes the implementation of EIP-3529 and EIP-3541. In contrast, the EIPs pertaining to Fee market change, BASEFEE opcode, and difficulty bomb delay. While the former two conflict with the project’s fixed monetary policy, the latter is not applicable anymore.
How will the latest upgrade affect ETC price?
Following Mystique’s getting live on the Ethereum Classic network, many investors of ETC began to concern how the news will impact its price. Many also suggested that the latest fork came to rescue the bleeding ETC market. According to some experts, the fork could try to rescue the bleeding market.
Few hours before the activation, the price of the coins surged by more than 5%, and soon after it plunged. Hence, the coin was unable to reverse its downtrend it has been on lately. Notably, while Ethereum Classic was well within the market’s top 25 it fell above 35 at the time of writing.
Still, many in the community are bullish on the cryptocurrency. Donald McIntyre of Etherplan underscored that ETC is definitely a top-10 blockchain. He also believes that ETC’s rankings have been an anomaly, rather than a rule.
