Isabella García
The Celestia Foundation, the key organization behind the modular blockchain network, has secured $100 million in funding in a round led by Bain Capital Crypto. Additional investors such as Syncracy Capital, 1kx, Robot Ventures, and Placeholder also contributed, bringing the foundation’s total funding to $155 million.
Celestia, which launched in October 2023, is a network designed to assist other blockchains in scaling by reducing their data load. Its innovative “data availability sampling” technology allows users to confirm large blocks without needing to download all the associated data.
Developers of the network have recently announced plans to expand Celestia’s capacity to handle 1-gigabyte blocks. For context, the average Bitcoin block holds only one to two megabytes of data.
Since its mainnet launch last year, approximately two dozen rollups have been deployed on the Celestia platform.
“When Celestia launched last year as the first modular data availability layer, it transitioned blockspace from the dial-up age to the broadband era,” said Celestia Foundation Chair Mustafa Al-Bassam in a statement. “Now, the core developers have unveiled a technical roadmap to take blockspace to the fiber optic era — all while keeping it verifiable and with low latency.”
Celestia (TIA) Price
Celestia’s TIA token has risen more than 14% in the last 24 hours and is currently trading at $6.16. The trading volume amounted to $281 million, while the market capitalization reached $1.3 billion.
