As a seasoned crypto investor with a knack for spotting promising projects, I must admit that the recent fundraising round led by Bain Capital Crypto for Celestia has piqued my interest. With a total of $155 million under their belt and a team focused on scaling blockspace to the fiber optic era, it seems like Celestia is poised to make significant strides in the scalability issues that have long plagued the blockchain industry.
On Monday, the Celestia Foundation, who are responsible for the Celestia blockchain network, announced they’ve gathered $100 in a funding round headed by Bain Capital Crypto.
As a crypto investor, I’ve noticed a significant dip in the value of Celestia’s native token, TIA. Since the start of this year, it has plummeted by a staggering 54%. This is quite disappointing given that Celestia was among the most anticipated airdrops of 2023, with TIA tokens being distributed to over half a million of its users.
With a recent influx of $155 million in funds, the organization now boasts a grand total. This injection of capital came from Syncracy Capital, 1kx, Robot Ventures, and Placeholder. The team has yet to specify how these new resources will be allocated, but they emphasized that their primary developers are currently working diligently on the fresh roadmap they unveiled earlier this month.
In a blog post he shared with CoinDesk, Mustafa Al-Bassam, co-founder of Celestia, stated that when Celestia debuted last year as the initial modular data storage layer, it advanced blockspace from the slow speed of dial-up to the fast speeds of broadband. Now, the main developers have unveiled their technical plan to further expand blockspace to the level of fiber optic speeds – all while ensuring it remains trustworthy and has minimal delay.
Celestia belongs to an expanding sector of modular chain technologies, designed to tackle scalability problems by improving the rate at which transactions are processed. Additionally, it serves as a cost-effective solution for data storage compared to storing data on first-layer blockchains such as Ethereum, offering data availability as one of its key features.
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2024-09-23 21:33