In the past 24 hours, Terra (LUNA), a blockchain protocol focused on building a global payments system powered by the stablecoin TerraUSD (UST), has soared to a new all-time high (ATH) of $ 45.
1-day frame LUNA price table | Source: TradingView
Data from TradingView shows that LUNA’s price has risen more than 720% since bottoming at $ 5.61 on July 20th, to a record high of $ 45 on September 10th.
The rapid rally also increased the Total Value Locked (TVL) of the Terra Protocol to a new ATH of $ 7.83 billion on September 5, making Terra Defi Llama’s fourth-placed blockchain platform.
Total value locked on Terra | Source: Defi Lama
A new funding initiative increases the price of LUNA
According to the project’s Twitter feed, LUNA’s price went up after that announced Project Dawn, a new funding initiative for the Terra Ecosystem to help improve critical infrastructure and accelerate ecosystem growth.
“Terraform Labs (TFL) announces Project Dawn, a new funding initiative for critical infrastructure innovations and core technologies to complement the rapidly evolving Terra ecosystem.”
According to Terra co-founder Do Kwon, Project Dawn has allocated $ 150 million to “build a central organization of Cosmos employees, invest in the node infrastructure of the ecosystem, and diversify the authentication and Oracle infrastructure.”
Another excitement for the Terra community is that debut upcoming Colobus 5 mainnet upgrade on September 29th, which is “Terra’s most important mainnet upgrade”.
“The Columbus 5 mainnet rollout will be delayed by ~ 3 weeks up to a new block height of 4,724,000, which roughly corresponds to the following time:
- Sept. 29 at 8:30 p.m. PST
- 30/9 at 03:30 UTC
- September 30 at 12:30 p.m. KST ”
In addition to the development of the protocol, the LUNA award has also benefited from the expansion of the Terra ecosystem, where new DeFi protocols like AlphaDeFi have been introduced and are attracting liquidity.
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According to Cointelegraph