Celestia (TIA), a Layer-1 modular blockchain project, has seen a significant surge in value following a successful fundraising round that raised $100,000,000 to support the ecosystem. The Celestia Foundation, a nonprofit organization established to support the TIA network, revealed that the fundraising effort was led by Bain Capital Crypto, with contributions from Syncracy Capital, 1kx, Robot Ventures, and Placeholder.
On the day of the announcement, TIA’s trading price ranged from a low of $5.44 to a high of $6.86, marking a remarkable 26% gain. Currently, TIA is trading at $6.61 with a market cap of $1.4 billion, making it the 64th largest cryptocurrency project in the market.
The project’s developers are actively working on scaling to 1 gigabyte blocks, which will significantly increase data throughput within Celestia’s rollup ecosystem. Mustafa Al-Bassam, co-founder of Celestia and chairman of the Celestia Foundation, expressed excitement about the project’s technical roadmap, stating that scaling blockspace to the fiber optic era while maintaining verifiability and low latency is a key focus for the team.
Celestia aims to surpass the transaction throughput of traditional payment networks like Visa, with the potential to handle the capacity of multiple Visa networks simultaneously. This ambitious goal underscores the project’s commitment to pushing the boundaries of blockchain technology and achieving new levels of scalability and efficiency.
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As Celestia continues to innovate and expand its capabilities, investors and enthusiasts alike are eagerly anticipating the next phase of growth and development for this groundbreaking blockchain project. With a strong foundation and a clear vision for the future, Celestia is poised to make a significant impact on the world of decentralized finance and blockchain technology.