Celestia Foundation raises 100 Million led by Bain Capital Crypto
The Celestia Foundation announced on Monday that it has raised $100 million in a funding round led by Bain Capital Crypto to support the growth of its modular blockchain ecosystem. With this latest funding, the project has raised a total of $155 million.
Announcing $100M in new fundraising, bringing the total raised to $155M.
— Celestia (@CelestiaOrg) September 23, 2024
With Celestia underneath ✨, developers can deploy high-throughput, unstoppable applications with full-stack customizability.https://t.co/gOdTLqV353
1 GB blocks to build whatever
— Celestia (@CelestiaOrg) September 5, 2024
Introducing the community's roadmap to relentlessly scale Celestia 🫧, enabling developers to deploy high-throughput, unstoppable applications using any VM.https://t.co/iFkIfJyGSs pic.twitter.com/ILoFFaef54
The round was also led by Syncracy Capital and included participation from Placeholder, Robot Ventures, 1kx, and others.
Blockchain scalability addressed by Celestia's specialized modular consensus and data network
In October 2023, Celestia Mainnet Beta went online, offering the first specialized modular consensus and data network in the industry.
Since the launch, an early ecosystem has developed, with developers having deployed the first 20 rollup chains and Celestia data blobs reaching over half of the total data published by rollups as of late.
Prior to Celestia, optimizing a monolithic L1, in which applications operate on a single shared execution layer, was the norm for scaling permissionless blockchains.
But Celestia is not constrained by the overhead of the execution layer, which allows for a path of throughput scaling that surpasses the existing monolithic constraints. Developers are not limited to using a single virtual machine, smart contract language, or even rollup framework.
With Celestia at the core, developers can use any virtual machine (VM) to launch high-throughput, unstoppable applications, whether they are used to scale established ecosystems like Ethereum or as independent networks.
Celestia’s technical roadmap to scale blockspace
The core developer community recently unveiled its technical roadmap, with the main objective being to relentlessly scale to 1 gigabyte blocks. This will significantly increase the data throughput of the rollup ecosystem.
According to Mustafa Al-Bassam, co-founder of Celestia and chairman of the Celestia Foundation, Celestia scaled blockspace from the dial-up era to the broadband era when it launched last year as the first modular data availability layer. The technical roadmap to scale blockspace to the fiber optic era has now been introduced by the core developers, maintaining low latency and verifiability.
Increasing transaction throughput across several networks
The throughput of Visa (~24,000 TPS) was regarded as an outstanding North Star in a previous era. With blocks of one gigabyte, Celestia is on course to simultaneously supply the capacity of numerous Visa networks.
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