Following the launch of the ‘Project Dawn’ funding initiative and the upcoming Columbus-5 mainnet upgrade, the LUNA price surged to a new high above $45 per coin.
Terra (LUNA), a blockchain protocol focused on developing a global payments system powered by the UST stablecoin, has reached a new all-time high of $45.
According to data from TradingView, the price of LUNA has risen 720 percent since a low of $5.61 on July 20 to a record high of $45 on September 10.
According to Defi Llama, the quick rally also increased the total value locked (TVL) on the Terra protocol 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 raises the price of LUNA.
A quick scroll through the project’s Twitter feed reveals that the price increase coincided with the announcement of ‘Project Dawn,’ a new funding initiative for the Terra ecosystem aimed at improving critical infrastructure and accelerating the ecosystem’s growth.
Project Dawn has set aside $150 million to “build a core Cosmos contributor organization, invest in the ecosystem’s node infrastructure, and diversify the validator and oracle infrastructure,” according to Terra co-founder Do Kwon.
Another source of excitement for the Terra community is the upcoming launch of its Colombus-5 mainnet upgrade on September 29, which the project describes as “Terra’s most significant mainnet upgrade.”
Aside from developments to the main protocol, the LUNA price has benefited from the Terra ecosystem’s expansion, which has seen new DeFi protocols such as AlphaDeFi launch and begin to attract liquidity.