Celestia Price Soars As Foundation Raises $100M, TIA to $10?

David Pokima
September 24, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Celestia Price

Highlights

  • Celestia Foundation raised $100 million aiming for better blockchain scalability.
  • This takes the total amount in the project to $155 million.
  • TIA price ticked upwards marking a 14% growth after the announcement.

The Celestia Foundation has raised $100 million towards its roadmap implementation leveraging on scalability. Several venture capitalist firms took part in the round as the total amount for the project soared to $155 million. TIA price is up 14% following the announcement with bulls pointing to new highs. 

Advertisement
Advertisement

Celestia Foundation Raises $100 Million 

The Celestia Foundation announced that it raised $100 million to achieve its goals, increasing scalability in the ecosystem. In a Sept 23 release, the company noted that participants were drawn across the industry including Bain Capital Crypto, Robot Ventures, Placeholder, Syncracy Capital, etc. This inflow takes the total amount towards the project to $155 million.

The project changes scalability around blockchains which previously kicked off with the monolithic L1 however, Celestia is beyond the monolithic and execution layer constraints. As a result, developers are not restricted to a single roll-up or smart contract language.

Recently, Celestia’s core developer community announced its technical roadmap with a core objective: relentlessly 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.”

Recently, the Lemongrass update sparked the asset’s price by 15% becoming the first mainnet upgrade. It introduced a one-click interaction involving cross-chain and other features. Scalability remains a key focus on blockchains as competition and adoption grows.

Advertisement
Advertisement

TIA Price Soars 14% 

Celestia price is up 14% in the last 24 hours as bull leverage on the heels of the massive fundraising. The jump comes amid positive sentiments in the wider crypto market with Bitcoin price maintaining pressure above $63K. In the last seven days, TIA price moved up 34% recovering previous losses it recorded during the bearish window as holders set sights on $10.

Mustafa Al-Bassam, the Chairman of the Celestia Foundation pointed to the scalability of the network and utility to developers. “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 block space to the fiber optic era – while keeping it verifiable and low latency.”

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.