2024-09-24
On September 23, 2024, the Celestia
Foundation announced that it had secured $100 million in a funding round led by
Bain Capital Crypto.
The round also saw participation from
Syncracy Capital, 1kx, Robot Ventures, Placeholder, and other investors. This
latest injection brings Celestia’s total funding to $155 million, further
fueling its mission to reshape blockchain scalability.
Celestia’s Mainnet Beta went live in
October 2023, it introduced the world’s first modular consensus and data
network. Since its debut, the platform has seen impressive growth, with
developers deploying over 20 rollup chains and Celestia data blobs accounting
for more than half of all data published by rollups.
Unlike traditional monolithic Layer 1
blockchains, Celestia removes the overhead of a single shared execution layer.
This unique approach enables developers to deploy high-throughput applications
using any virtual machine (VM), paving the way for the development of scalable
and sovereign blockchain ecosystems.
Celestia’s core development team
recently unveiled an ambitious technical roadmap aimed at scaling to 1 gigabyte
blocks that equal to number of transactions on many Visa network (Visa can handle 24,000 TPS), dramatically boosting data throughput in its rollup ecosystem. This
would place Celestia on track to achieve transaction speeds surpassing those of
multiple Visa networks operating in parallel.
"Celestia scaled blockspace from
the dial-up era to the broadband era when it launched last year,” said Mustafa
Al-Bassam, co-founder of Celestia and Chairman of the Celestia Foundation.
“Now, the developers are set to scale it to the fiber optic era, while ensuring
it remains verifiable and low latency."
This latest round of funding will
support Celestia’s vision to continue advancing blockchain infrastructure and
driving innovations in the decentralized space.
In conclusion, the Celestia Foundation secured $100 million in a funding round led by Bain Capital Crypto, with
contributions from investors like Syncracy Capital, 1kx, Robot Ventures, and
Placeholder. This brings their total fundraising to $155 million.
