Terra (LUNA) Breaks New All-Time Highs After ‘Project Dawn’ Announcement
Terra (LUNA), a blockchain protocol focused on building a global payments system powered by the UST stablecoin, in the last 24 hours rallied to a new all-time high at $45.
LUNA/USDT 1-day chart. Source: TradingView
Data 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 September 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 September 5, making Terra the fourth-ranked blockchain platform by TVL according to Defi Llama.
Total value locked on Terra. Source: Defi Llama
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.
1/ TFL is announcing Project Dawn, a new funding initiative for critical infrastructure improvements and core technologies to supplement the accelerating growth of the Terra ecosystem.
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,” Terra co-founder Do Kwon tweeted:
5/ We're funding Dawn with a starting capital commitment of $150M (5M Luna), and with that money we will do three things:
1. Build a core cosmos contributor org 2. Invest in the ecosystem's node infrastructure 3. Diversify validator / 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.
2/ No need to fret, as the goal is to implement some extra precautionary measures for the rollout of Terra’s most significant mainnet upgrade yet to ensure the smoothest launch possible.
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.
