Celestia Price Soars As Foundation Raises $100M, TIA to $10?

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As a seasoned analyst with over two decades of experience in the tech and financial sectors, I have witnessed the evolution of blockchain technology from its humble beginnings to the current state of massive scalability solutions like Celestia. The $100 million raise by the Celestia Foundation is not just another funding round; it’s a significant step towards unlocking the true potential of blockchains, transcending the limitations of monolithic L1 systems.

The Celestia Foundation has amassed $100 million to execute its strategic plan, focusing on scalability. Multiple venture capital firms joined in this funding round, boosting the project’s total investment to an impressive $155 million. This news has sent the TIA price surging by 14%, with optimistic investors predicting fresh highs.

Celestia Foundation Raises $100 Million 

The Celestia Foundation declared they successfully gathered $100 million to accomplish their objectives, enhancing scalability within the ecosystem. In a statement on September 23rd, they highlighted that contributors spanned various sectors such as Bain Capital Crypto, Robot Ventures, Placeholder, Syncracy Capital, and others. This investment brings the project’s overall funding to $155 million.

The project improves the scalability of blockchain technology, moving beyond the limitations of the initial monolithic L1. Unlike Celestia, traditional systems have been confined by both the monolithic structure and execution layer constraints. This means that developers using Celestia are not bound to a specific roll-up or smart contract language, offering them greater flexibility in their work.

Lately, the core developers of Celestia have unveiled their technical plan, aiming to tirelessly expand block sizes up to a gigabyte. This move is expected to significantly boost data transmission within Celestia’s rollup network. In comparison, the throughput of Visa (approximately 24,000 transactions per second) was once seen as an impressive benchmark. With gigabyte blocks, Celestia is on track to match or even surpass the capacity of multiple Visa networks operating simultaneously.

More recently, the Lemongrass update ignited a 15% surge in the asset’s price, marking it as the first mainnet upgrade. This update includes an enhanced one-click interaction that supports cross-chain functionality and other innovative features. As blockchains become increasingly competitive and widely adopted, scalability continues to be a critical aspect of their development.

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, head of the Celestia Foundation, emphasized the scalability of the network and its appeal to developers. “When Celestia debuted last year as the first modular data availability layer, it upgraded blockspace from the slow dial-up era to the fast broadband era. Now, the main developers have unveiled their technical plan to scale block space to the level of fiber optic networks – all while ensuring it remains verifiable and has low latency.

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2024-09-24 00:15