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

Sep 11, 2021 | CoinTelegraph News | 0 comments

project-dawn-initiative-and-upcoming-mainnet-upgrade-back-luna’s-new-ath

LUNA price rallied to a new high above $45 following the launch of the ‘Project Dawn’ funding initiative and the upcoming Columbus-5 mainnet upgrade.

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 Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

News Source from CoinTelegraph.com

Related Articles

Law Decoded: China FUD and false dichotomies, Sept. 20–27

Law Decoded: China FUD and false dichotomies, Sept. 20–27

Many in the crypto space are calling for the U.S. to assert its foundational principles by implementing crypto policies in opposition to China. In the wake of yet another iteration of China’s enduring crackdown on cryptocurrency, a particularly influential narrative...

Permissioned DeFi platform Aave Arc gears up for launch

Permissioned DeFi platform Aave Arc gears up for launch

Aave Arc, a permissioned version of the popular DeFi lending platform Aave, is getting ready for its first deployment. Fireblocks, an institutional custody firm, has made a proposal to Aave's governance forum for it to be the first whitelister for when it is deployed....

Bitfinex paid a colossal $23M fee to send $100K of USDT

Bitfinex paid a colossal $23M fee to send $100K of USDT

In what is presumed as a technical error, popular crypto exchange Bitfinex paid a seismic $23.7 million dollars in a gas fee for a comparatively nominal $100K transaction. Crypto exchange Bitfinex completed a highly consequential transaction on Sept. 27 when sending...

Pin It on Pinterest

Share This