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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.
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ALTCOIN WATCH
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 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.
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.
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