Project Dawn Funding Initiative Is Behind LUNA’s Price Surge To ATH

The PRoject Dawn funding initaitive and the upcoming Colombus-5 mainnet upgrade are the main reasons for the latest price surge in LUNA that led it to a new ATH so let’s check up on the analysis in our latest altcoin news today.

Over the past 24-hours, Terra (LUNA) blockchain protocol that is focused on creating a global payment system powered by the UST stablecoin, hit a new all-time high of $45 and the data shows that since bottoming at a low of $5.61, the price of LUNA ripped 720% higher to a new high of $45. the swift rally lifted the total value locked ont the Terra Protocol to a new high at $7.83 billion which made Terra the fourth-ranked blockchain platform by TVL as per Defi LLama. Looking through the project’s Twitter feed shows that the surge in price came after the announcement of Project Dawn which is a new funding initaitive for the Terra ecosystem that aims to help improve critical infrastructure and to accelerate the growth of the ecosystem. As per the Terra co-founder Do Kwon, Project Dawn allocated $150 million to build a core Cosmos contributor organization and to also invest in the ecosystem’s node infrastructure but more importantly to diversify the validator and the oracle infrastructure.

1/ The Columbus-5 mainnet deployment will be delayed ~3 weeks until a new block height of 4,724,000, roughly equivalent to the following times:

9/29 at 20:30 PST
9/30 at 03:30 UTC
9/30 at 12:30 KST

— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) September 1, 2021

Another source of excitement for the Terra community is the upcomign launch of the Colombus-5 mainnet upgrade which is the most significant mainnet upgrade according to the project. On top of the developments to the main protocol, LUNA’s price has also benefited from the expansion of the Terra ecosystem which saw new DEFI protocols like the ALpha Defi launch and starts to attract more liquidity.

1/ TFL is announcing Project Dawn, a new funding initiative for critical infrastructure improvements and core technologies to supplement the accelerating growth of the Terra ecosystem.

Details: https://t.co/Viv9VkAApT

— Do Kwon 🌖 (@stablekwon) September 9, 2021

As recently reported, The DeFi yield aggregator Luna Yield baited investors with high yields promises. Solana’s protocol Luna yield went dark after taking off with $6.7 million worth in crypto and SolPAD the platform that launched it, finalized its compensation plan for everyone affected. The investors in the Luna Yield aggregator fear that the developers of the project ran off with about $6.7 million in customer funds two days after launching.

The anonymous source said that Luna Yield developers made off with approximately $6.7 million in crypto via the Solana address which deployed the original Luna Yield contract so the project’s website is now offline and the social media presence erased. The address signed multiple transactions bigger amounts of WETH, WBTC, LUNY, and USDT to be transferred into a Tornado wallet.

Source: https://www.dcforecasts.com/altcoin-news/project-dawn-funding-initiative-is-behind-lunas-price-surge-to-ath/