Following the unveiling of the ‘Project Dawn’ funding drive and the forthcoming Columbus-5 mainnet upgrade, the LUNA price surged past $45 to a new high.
Terra (LUNA), a blockchain protocol aimed at creating a worldwide payments system based on the UST stablecoin, has reached a new all-time high of $45.
According to data from Cointelegraph Markets Pro and TradingView, the price of LUNA has soared 720 percent since bottoming out at $5.61 on July 20 to a new high of $45 on September 10.
According to Defi Llama, the rapid increase pushed the Terra protocol’s total value locked (TVL) to a new all-time high of $7.83 billion on Sept. 5, making Terra the fourth-ranked blockchain platform by TVL.
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.
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.— Do Kwon 🌖 (@stablekwon) September 9, 2021
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.
1/ The Columbus-5 mainnet deployment will be delayed ~3 weeks until a new block height of 4,724,000, roughly equivalent to the following times:— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) September 1, 2021
9/29 at 20:30 PST
9/30 at 03:30 UTC
9/30 at 12:30 KST
LUNA pricing has benefited from the expansion of the Terra ecosystem, which has seen other DeFi protocols like AlphaDeFi start and begin to attract liquidity, in addition to developments to the core protocol.