Layer-1 modular blockchain Celestia (TIA) is soaring after the project’s foundation raised $100,000,000 to support the ecosystem.
According to the Celestia Foundation, the nonprofit group set up to support the TIA network, the $100 million fundraising was led by Bain Capital Crypto.
Other groups contributing to the funding included Syncracy Capital, 1kx, Robot Ventures and Placeholder.
TIA was trading for a low of $5.44 to a high of $6.86 on the day of the announcement, a more than 26% gain.
At time of writing, TIA is trading for $6.61. With a current market cap of $1.4 billion, TIA is the 64th largest crypto project.
According to the project, developers are working to “scale to 1 gigabyte blocks, bringing a massive increase in data throughput to Celestia’s rollup ecosystem.”
“In a previous era, the throughput of Visa (~24,000 TPS) was considered an impressive North Star. With 1 gigabyte blocks, Celestia is tracking to deliver the capacity of many Visa networks in parallel.”
Says Mustafa Al-Bassam, co-founder of Celestia and chairman of the Celestia Foundation,
“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.”
Generated Image: Midjourney