Celestia Foundation Raises $100 Million to Advance Crypto Ecosystems and Scaling Solutions
Celestia Foundation Secures Major Funding for Innovative Scaling
The Celestia Foundation, the pioneering organization behind the modular blockchain network, has successfully raised $100 million in a funding round spearheaded by Bain Capital Crypto. Other notable participants included Syncracy Capital, 1kx, Robot Ventures, and Placeholder, bringing the foundation's total financing to $155 million.
Advancing Modular Blockchain Technology
Launched in October 2023, Celestia aims to enhance other blockchains' scalability by offloading data requirements. With its innovative data availability sampling technology, users can verify substantial blocks without needing to download all data. The network's developers have now set ambitious goals to increase Celestia's capacity to 1-gigabyte blocks, a drastic improvement over Bitcoin's average block size.
Future Developments and Rollups
- Celestia supports nearly two dozen rollups since its mainnet launch.
- The foundation's chair, Mustafa Al-Bassam, remarked that Celestia's launch marked a pivotal shift from dial-up era scalability to a more advanced paradigm.
With its upcoming technical roadmap, Celestia aims to scale blockspace to unprecedented levels while ensuring data verification and low latency.
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