In the past 24 hours, Terra (LUNA), a blockchain protocol that focuses on building a global payments system powered by the UST stablecoin, hit a new all-time high at $ 45.

LUNA / USDT 1-day chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView show that LUNA’s price has risen 720% from a low of $ 5.61 on July 20th to a record high of $ 45 on September 10th.

The quick rally also lifted the Terra Protocol’s Total Value Locked (TVL) to a new all-time high of $ 7.83 billion on September 5, making Terra TVL’s fourth-placed blockchain platform, according to Defi Llama.

Total value locked on Terra. Source: Defi Lama

Related: Altcoin Roundup: Layer-One Protocols Break Ethereum Dominance.

A new funding initiative increases the LUNA price

A scroll through the project’s Twitter feed reveals that the price hike followed the announcement of “Project Dawn,” a new funding initiative for the Terra ecosystem designed to help improve critical infrastructure and accelerate ecosystem growth.

1 / TFL announces Project Dawn, a new funding initiative dedicated to critical infrastructure improvements and core technologies to complement the accelerated growth of the Terra ecosystem.

Details: https://t.co/Viv9VkAApT

– Do Kwon (@stablekwon) September 9, 2021

According to Terra co-founder Do Kwon, Project Dawn has allocated $ 150 million to “build a central organization of Cosmos contributors, invest in the ecosystem’s node infrastructure, and diversify the validation and Oracle infrastructure.”

Another source of excitement for the Terra community is the upcoming launch of the Colombus 5 mainnet upgrade on September 29th, which according to the project is “Terra’s Most Significant Mainnet Upgrade”.

1 / The provision of the Columbus 5 mainnet will be postponed by ~ 3 weeks until a new block height of 4,724,000 is reached, which roughly corresponds to the following times:

29.09. at 8:30 p.m. PST
30.09. at 3:30 a.m. UTC
30.09. at 12:30 p.m. KST

– Terra (UST) Powered by LUNA (@terra_money) September 1, 2021

In addition to the main protocol developments, the LUNA Prize has also benefited from the expansion of the Terra ecosystem, with new DeFi protocols like AlphaDeFi being introduced and attracting liquidity.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.

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