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

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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 20 to a record high of $ 45 on September 10.

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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’s 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.

To For 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 excitement for the Terra community is the upcoming launch of the Colombus 5 mainnet upgrade on September 29th, which is “Terra’s most significant mainnet upgrade”. according to to the project.

In addition to the main protocol developments, the LUNA Prize has also benefited from the expansion of the Terra ecosystem, which includes new DeFi protocols such as AlphaDeFi start and begin to attract liquidity.

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