The Celestia Foundation has raised $100 million towards its roadmap implementation leveraging on scalability. Several venture capitalist firms took part in the round as the total amount for the project soared to $155 million. TIA price is up 14% following the announcement with bulls pointing to new highs.
Celestia Foundation Raises $100 Million
The Celestia Foundation announced that it raised $100 million to achieve its goals, increasing scalability in the ecosystem. In a Sept 23 release, the company noted that participants were drawn across the industry including Bain Capital Crypto, Robot Ventures, Placeholder, Syncracy Capital, etc. This inflow takes the total amount towards the project to $155 million.
The project changes scalability around blockchains which previously kicked off with the monolithic L1 however, Celestia is beyond the monolithic and execution layer constraints. As a result, developers are not restricted to a single roll-up or smart contract language.
“Recently, Celestia’s core developer community announced its technical roadmap with a core objective: relentlessly scale to 1-gigabyte blocks, bringing a massive increase in data throughput to Celestia’s rollup ecosystem. In a previous era, the throughput of Visa (~24,000 TPS) was considered an impressive North Star. With 1 gigabyte blocks, Celestia is tracking to deliver the capacity of many Visa networks in parallel.”
Recently, the Lemongrass update sparked the asset’s price by 15% becoming the first mainnet upgrade. It introduced a one-click interaction involving cross-chain and other features. Scalability remains a key focus on blockchains as competition and adoption grows.
TIA Price Soars 14%
Celestia price is up 14% in the last 24 hours as bull leverage on the heels of the massive fundraising. The jump comes amid positive sentiments in the wider crypto market with Bitcoin price maintaining pressure above $63K. In the last seven days, TIA price moved up 34% recovering previous losses it recorded during the bearish window as holders set sights on $10.
Mustafa Al-Bassam, the Chairman of the Celestia Foundation pointed to the scalability of the network and utility to developers. “When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era. Now, the core developers have introduced the technical roadmap to scale block space to the fiber optic era – while keeping it verifiable and low latency.”
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