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- Celestia’s Mainnet Beta introduces a modular consensus and data network, revolutionizing blockchain scalability.
- Celestia’s flexible design allows developers to build high-throughput applications without the limitations of monolithic L1 structures.
Celestia Foundation has reached a big milestone by raising $100 million in its newest funding round, which was led by Bain Capital Crypto. This large inflow of funding takes the foundation’s total funds received to $155 million, representing a significant increase in the project’s financial backing.
Other significant participants in this round were Syncracy Capital, 1kx, Robot Ventures, and Placeholder, indicating strong support from major blockchain investment firms.
Announcing $100M in new fundraising, bringing the total raised to $155M.
With Celestia underneath ✨, developers can deploy high-throughput, unstoppable applications with full-stack customizability.https://t.co/gOdTLqV353
— Celestia (@CelestiaOrg) September 23, 2024
Celestia Modular Approach: Redefining Blockchain Scalability and Flexibility
Celestia’s Mainnet Beta, which debuted in October 2023, has already made an impact in the blockchain market by introducing the first-ever modular consensus and specialized data network.
Celestia’s novel strategy distinguishes it from typical blockchain networks by moving away from the dependency on monolithic Layer 1 (L1) structures, which have previously hampered scaling. Instead, Celestia provides a more adaptable, modular framework that meets the increasing needs of blockchain developers.
Since its Mainnet Beta debut, the Celestia ecosystem has grown rapidly, with developers implementing the first 20 rollup chains and Celestia’s data blobs accounting for more than half of all rollup data. This amount of growth indicates the developer community’s tremendous interest and participation.
What actually distinguishes Celestia is its ability to provide developers with unprecedented flexibility. In contrast to the traditional L1 monolithic approach, which runs all programs on a single execution layer, Celestia’s design allows developers to use a variety of smart contract languages, virtual machines, or rollup frameworks.
This means that developers are no longer limited by the overhead of the execution layer, allowing them to create high-throughput apps as standalone networks or as components of existing ecosystems such as Ethereum. This transition represents a big step forward in blockchain technology, addressing longstanding scalability issues.
Achieving 1GB Blocks: Aiming for Visa-Level Transaction Throughput
Celestia’s core development community has outlined a comprehensive technical roadmap targeted at increasing the platform’s data capacity. The most ambitious goal on this plan is to attain block sizes as large as 1 GB, a massive increase in data capacity that might transform the blockchain ecosystem.
If successful, Celestia would be able to match, if not exceed, Visa’s transaction throughput of approximately 24,000 transactions per second (TPS).
Such an accomplishment would not only confirm Celestia’s paradigm, but also establish it as a formidable force capable of handling transaction volumes across numerous networks simultaneously.
However, there have been some concerns about Celestia’s recent developments. According to CNF, there is a looming concern with the forthcoming token unlock of Celestia’s native token, TIA, on October 31. This occurrence may cause severe supply-side strain, potentially surpassing demand growth in the immediate run.
The circulating quantity of TIA is expected to increase by a whopping 390% in the next year, prompting concerns about the token’s market stability and potential price volatility. Mustafa Al-Bassam, co-founder of Celestia and Chairman of the Celestia Foundation, stated:
“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 blockspace to the fiber optic era – while keeping it verifiable and low latency.”
Meanwhile, as of writing, TIA is trading at around $6.31, up 2.85% over the last 24 hours. The coin also has an impressive daily trading volume of $220.66 million.
