Surprise Altcoin Raises $100 Million in Funding
In a surprising turn of events, Celestia Foundation has announced that it has raised a staggering $100 million in new funding. The funding round was led by Bain Capital Crypto, with participation from Syncracy Capital, 1kx, Robot Ventures, Placeholder, and other investors. This significant investment brings Celestia’s total funding to a whopping $155 million.
Celestia made waves in October 2023 with the launch of its Mainnet Beta, which introduced a groundbreaking modular consensus and data network. This innovative approach to scaling blockchains has attracted developers from all corners of the industry. Since the launch, the Celestia ecosystem has experienced rapid growth, with developers building 20 rollup chains. Furthermore, Celestia data blobs now make up more than half of the data published by rollups.
What sets Celestia apart from traditional Layer 1 (L1) blockchain models is its departure from a monolithic structure. Instead of running applications on a single shared execution layer, Celestia offers greater scalability by eliminating execution layer overhead. This allows developers to build high-performance decentralized applications using any virtual machine (VM) and are not restricted to a single smart contract language or rollup framework.
The recent funding comes as Celestia’s core developer community unveils an ambitious technical roadmap. Their goal is to scale to 1 gigabyte blocks, which would significantly increase data throughput for Celestia’s rollup ecosystem. With these improvements, Celestia is on track to achieve a level of throughput that rivals or surpasses traditional payment networks like Visa, which processes approximately 24,000 transactions per second (TPS).
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