Celestia Secures $100M for Modular Blockchain Scaling

The Celestia Foundation has raised $100 million in a funding round led by Bain Capital Crypto. Syncracy Capital, 1kx, Robot Ventures, Placeholder, and other investors also participated in the fundraising, bringing Celestia’s total funding to $155 million. The funds will be used to enhance its modular consensus and data network, which aims to transform blockchain scalability.

Celestia’s Modular Blockchain

In October 2023, Celestia started its Mainnet Beta. It debuted with the first industry-specific specialized modular consensus and data network. Unlike other blockchains, Celestia is not constrained by execution layer constraints. Developers can create applications on any virtual machine, including ones housed on Ethereum or their own systems. Over twenty roll-up chains have been constructed since their publication, and more than half of the total data released by rollups presently comes from Celestia data blobs.

Celestia’s modular architecture lets developers avoid the constraints of the execution layer. Because of execution cost, classic blockchains have struggled with throughput issues. Celestia offers a scalable substitute while tackling these problems. Any smart contract language or system is free for developers to use, hence increasing their possibilities.

Higher Data Throughput

The core developers of Celestia have presented a road map for scaled data flow. One gigabytes blocks are the target, greatly raising the capacity of the network. Celestia would be positioned to manage several highly sought-after networks concurrently as a result of this evolution. Visa handles, for context, about 24,000 transactions every second. Celestia wants to surpass that capacity with one gigabytes blocks, thereby offering improved performance.

The bigger block size seeks to increase the data capacity accessible to developers. This improvement could draw additional initiatives to the platform, therefore providing a larger spectrum of uses. Celestia’s continuous developments mirror its dedication to scaling blockchain technology.

Positive Market Reaction 

The market responded positively to Celestia’s funding and roadmap news. The price of Celestia (TIA) rose to $6.39, marking a 15.74% increase in the past 24 hours. The token’s value has grown by 32.39% over the last week.