As a seasoned crypto investor with a knack for recognizing potential in promising blockchain projects, I find the recent $100 million fundraising by Celestia Foundation quite intriguing. The fact that this round was led by Bain Capital Crypto, a renowned name in the crypto sphere, and backed by other heavyweights like Polychain Capital, Syncracy Capital, Robot Ventures, 1kx, and Placeholder, speaks volumes about the faith these influential players have in Celestia’s future.
The charitable organization based in Liechtenstein, known as the Celestia Foundation, which is instrumental in the development of Celestia, has successfully secured a fundraising amount of $100 million. This substantial investment was spearheaded by prominent venture capital firms with a focus on cryptocurrencies, primarily Bain Capital Crypto.
As an analyst, I’m excited to report that as of September 23rd, our latest fundraising effort has boosted the total funds raised for the Celestia TIA project to a staggering $155 million. Interestingly, back in October 2022, prior to the project’s launch, we successfully secured an impressive $55 million. This funding will undoubtedly support the development of our modular data availability blockchain network.
Bain Capital and Polychain Capital co-led that fundraising.
In this recent funding round, Syncracy Capital, Robot Ventures, 1kx, and Placeholder, along with several other venture capital firms and investors, decided to take part.
Celestia’s recent technical roadmap
The Celestia Foundation aims to strengthen the team of Celestia developers, who are working on deploying high-performance applications onto the network. Importantly, this $100 million investment follows the announcement of Celestia’s core developer community about their technical plan for the project.
The main objective is to enhance scalability, as developers strive to boost the modular consensus network’s transaction capacity, aiming for a speed comparable to Visa’s approximately 24,000 transactions per second. As outlined in the technical plan, reaching 1 gigabyte block sizes will set Celestia on course to attain this target.
Last year, when Celestia debuted as the pioneering modular data retention layer, it elevated blockspace from the slow-speed internet (dial-up) era to the high-speed internet (broadband) era.
Mustafa Al-Bassam, co-founder of Celestia.
Additionally, Al-Bassam pointed out that this fresh blueprint transcends merely expanding blockspace. It also prioritizes verifying transactions quickly and maintaining low delay times.
In October 2023, Celestia debuted its mainnet beta, marking a significant milestone. Since then, it has experienced considerable advancements such as the implementation of rollup chains and Blobstream, which facilitates the transmission of data availability layer from Celestia to Ethereum (ETH).
Additionally, the platform collaborated with Polygon Labs to seamlessly combine the Data Availability (DA) layer with the Polygon Chain Development Toolkit.
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2024-09-23 22:20