Celestia Foundation Secures $100 Million to Accelerate Scalability Efforts
The Celestia Foundation has successfully raised $100 million in funding, marking a significant step toward achieving its ambitious scalability goals within the blockchain ecosystem. In an announcement made on September 23, the organization highlighted participation from several high-profile venture capital firms, including Bain Capital Crypto, Robot Ventures, Placeholder, and Syncracy Capital. This latest funding brings the total raised for the project to an impressive $155 million.
TIA aims to revolutionize blockchain scalability, building on the limitations of traditional monolithic Layer 1 solutions. Unlike conventional models, TIA offers developers the freedom to work without being bound to a specific roll-up or smart contract language.
“Celestia’s core developer community recently outlined a technical roadmap with one key goal: to scale up to 1-gigabyte blocks,” the company said in its statement. “This massive increase in data throughput will significantly enhance the Celestia rollup ecosystem. In the past, Visa’s throughput of approximately 24,000 transactions per second (TPS) was viewed as a benchmark. With the 1-gigabyte blocks, Celestia aims to achieve the equivalent capacity of multiple Visa networks operating in parallel.”
Earlier, the foundation’s Lemongrass update, which introduced cross-chain compatibility and other features, drove a 15% increase in the price of TIA, marking the project’s first mainnet upgrade. As blockchain adoption intensifies, scalability remains a focal point for many projects, and Celestia appears poised to lead in this space.
TIA Price Surges 14% Amid Positive Sentiment
In the last 24 hours, the price of Celestia’s native token, TIA, has surged by 14%, fueled by the momentum of the recent fundraising announcement. This rise is in line with broader optimism in the cryptocurrency market, where Bitcoin continues to trade above $63,000. Over the past week, TIA has seen a 34% increase, recovering from previous losses during the recent market downturn, with traders now targeting a potential move to $10.
Mustafa Al-Bassam, Chairman of the Celestia Foundation, emphasized the network’s unique scalability benefits and its value to developers. “When Celestia launched last year as the first modular data availability layer, it shifted blockchain scalability from the dial-up era to the broadband era. Now, with the new technical roadmap, we’re advancing blockspace to the fiber-optic era—while maintaining verifiability and low latency.”
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