What Is a Celestia Coin? Why Is It Trending- History, Market Sentiment

Celestia Coin Origin

Celestia is a modular blockchain network that allows developers to build and maintain blockchain infrastructure. It can also be described as a platform that allows other blockchains to use it as a consensus and data availability layer. The project finds its origins in a 2019 research paper by Mustafa Al-Bassam.

Once Celestia’s mainnet went live on Tuesday, it brought significant changes in the industry. This is because it can separate data availability from the blockchain technology’s functions. In easier terms, mainnet employs a new form of modular architecture, improving its efficiency and scalability.

What Does Data Availability Mean?

To understand Celestia, it’s essential to know about data availability. Ensuring that every participant in the network can access the necessary data for block verification is what ‘data availability’ involves. In conventional blockchains such as Ethereum, nodes possess the capability to retrieve all data within a block, and the block gets rejected if any data is absent.

However, for more advanced blockchains like Celestia, there’s a challenge. How do you confirm that the summarized transaction data added to the blockchain is valid without making all nodes download everything? This is crucial because if a node can’t check if all data in a new block has been shared by the block producer, a harmful transaction might go unnoticed.

Ethereum’s Vitalik Buterin and Celestia Labs’ Mustafa Al-Bassam came up with a clever solution called ‘data availability proofs.’ These proofs use only a small part of the block to show, with a high chance, that all data has been shared with the network. Celestia’s technology relies on these data availability proofs as its foundation.

Celestia Coin: Facts To Know

Celestia Coin has been in existence since 31 October 2023. Since then, the lowest price recorded for the crypto is $2.08 (one day after its launch). On the other hand, the highest price recorded for it is $2.80 (on 02 November 2023). While the trading volume of Celestia in 24 hours stood at $266,483,292. 

TIA Coin Price Chart

Coming to another important aspect, the market capitalisation of Celestia is $390,094,289. This earns it a 107 rank on Coingecko today. Those interested in trading TIA can do so on multiple platforms, including Binance, Bybit, and OKSX.

Is Celestia Coin an underdog?

Looking at the current market trends, experts have mixed opinions about the coin. A few believe that TIA is an overvalued token in a fully diluted market. Furthermore, the value of the coin will dip. One can benefit from trading the token once the buzz around the coin reduces and it attains a stable price. In conclusion, the project may be underrated but might achieve an overrated price. This will be because of the hype created around it.

Why are people discussing this Celestia coin?

The discussions surrounding the Celestial coin are because it surpassed a $370 million market cap following its launch. Adding to it, TIA had a 60 million token airdrop. This airdrop is worth $6. billion. This means a huge chunk of traders ‘free money’ earning the token a significant buzz in the crypto world. Furthermore, this airdrop skyrocketed the demand for the token. Credit to the hype, it earned the title of the most searched crypto asset on coinmarketcap.

Celestia’s Collaborative Ventures

Engaged in discussion with diverse groups, Celestia is actively contributing to the evolution of modular blockchains. An ongoing discussion involves the potential integration of Celestia as a data availability layer for projects such as Caldera and Conduit, both operating under the Rollup-as-a-Service (RaaS) model.

These collaborative efforts underscore Celestia’s dedication to shaping the future of modular blockchains, establishing itself as a significant player in the evolving blockchain technology.

Celestia Coin's Future

Techopedia quotes Celestia’s representative, saying, “Mainnet launch signifies more than just Celestia going live. It’s the start of a new era. An era of verifiability where anyone can run a secure light node. An era of collaboration in which blockchains can openly build on top of each other. An era of abundant blockspace that allows any developer to deploy their own blockchain.”

The enthusiasts of the crypto community can expect multiple changes in Celestia’s system. The organisation will gradually increase its block support, aiming to achieve 1 GB block in future. It further aims to have light node network monitoring, light nodes on smartphones, and deployment of Celestia to Ethereum Mainnet, among other changes.

Celestia Coin Market Trends

Considering current market trends, technological developments, adoption and partnerships, Celestia can have a promising future. If optimistic (assuming a bullish market) TIA can potentially grow around 100-150 percent. However, in a pessimistic scenario the coin will be stabilised around $2-2.5. It is crucial to monitor the changes in the scenario, considering the market’s volatility.