Project Dawn initiative and upcoming mainnet upgrade back LUNA’s new ATH


In the last 24-hours, Terra (LUNA), a blockchain protocol focused on building a global payments system powered by the UST stablecoin, rallied to a new all-time high at $45. 

LUNA/USDT 1-day chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that since bottoming at a low of $5.61 on July 20, the price of LUNA has ripped 720% higher to a record high at $45 on Sept. 10.

The swift rally also lifted the total value locked (TVL) on the Terra protocol to a new all-time high at $7.83 billion on Sept. 5, making Terra the fourth-ranked blockchain platform by TVL according to Defi Llama.

Total value locked on Terra. Source: Defi Llama

Related: Altcoin Roundup: Layer-one protocols chip away at Ethereum’s dominance.

A new funding initiative boosts LUNA price

A scroll through the project’s Twitter feed shows that the surge in price followed the announcement of ‘Project Dawn’, a new funding initiative for the Terra ecosystem meant to help improve critical infrastructure and accelerate the growth of the ecosystem.

According to Terra co-founder Do Kwon, Project Dawn has allocated $150 million to “build a core Cosmos contributor organization, invest in the ecosystem’s node infrastructure, and diversify the validator and oracle infrastructure.”

Another source of excitement for the Terra community is the upcoming launch of its Colombus-5 mainnet upgrade on Sept. 29, which is “Terra’s most significant mainnet upgrade” according to the project.

On top of developments to the main protocol, LUNA price has also benefited from the expansion of the Terra ecosystem which has seen new DeFi protocols like AlphaDeFi launch and begin to attract liquidity.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

Products You May Like

Articles You May Like

XRP price rally stalls near key level that last time triggered a 65% crash
Ethereum Devs. Confirm Only Goerli and Sepolia Testnets will be Maintained Post-Merge, to Retire Kiln, Rinkeby, Ropsten
Defi Protocol Abracadabra’s Stablecoin MIM Briefly Slides to $0.91 During the Crypto Market Rout
Bitcoin heads for dismal weekly close as BTC price rejects at $20K
BIS compares projects to transfer central bank digital currencies across borders

Leave a Reply

Your email address will not be published.