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Celestia (TIA) Skyrockets After Foundation Announces $100,000,000 Fundraising

Published

1 year ago

September 25, 2024

Layer-1 modular blockchain Celestia (TIA) is taking off after the venture’s basis raised $100,000,000 to help the ecosystem.

In keeping with the Celestia Basis, the nonprofit created to help the TIA community, the $100 million fundraising was led from Bain Capital Crypto.

Different teams that contributed to the funding included Syncracy Capital, 1kx, Robotic Ventures and Placeholder.

TIA traded from a low of $5.44 to a excessive of $6.86 on the day of the announcement, a achieve of over 26%.

On the time of writing, TIA is buying and selling at $6.61. With a present market cap of $1.4 billion, TIA is the sixty fourth largest crypto venture.

In keeping with the venture, builders are working to “scale as much as 1 gigabyte blocks, delivering a dramatic enhance in knowledge throughput to Celestia’s rollup ecosystem.”

“In a earlier period, Visa’s throughput (~24,000 TPS) was thought-about a formidable North Star. With blocks of 1 gigabyte, Celestia tries to ship the capability of many Visa networks in parallel.”

Says Mustafa Al-Bassam, co-founder of Celestia and chairman of the Celestia Basis:

“When Celestia launched final yr as the primary modular knowledge availability layer, it scaled block house from the dial-up period to the broadband period. Now, core builders have launched the technical roadmap to scale blockspace into the fiber age – whereas remaining verifiable and low latency.”

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