Celestia’s price surged by 14% in the last 24 hours following the Foundation’s announcement of a successful $100 million raise to support its roadmap.
The recent fundraising round has brought the project’s total funding to $155 million, with participation from several venture capital firms. The Celestia ecosystem aims to revolutionize blockchain scalability, driving optimism for future growth.
Celestia Foundation Raises $100 Million for Roadmap
The Celestia Foundation revealed its latest fundraising achievement of $100 million, dedicated to enhancing scalability in its blockchain ecosystem. Venture firms like Bain Capital Crypto, Robot Ventures, Placeholder, and Syncracy Capital participated in the funding round, which brings Celestia’s total capital to $155 million.
Celestia seeks to overcome the limitations of traditional monolithic Layer 1 blockchains, offering developers freedom from roll-up and smart contract language constraints. The foundation’s focus is on increasing data throughput to unprecedented levels, as stated in a recent announcement. Their ambitious goal includes scaling to 1-gigabyte blocks, which would vastly improve data capacity for rollup ecosystems. This enhancement could surpass the throughput of payment networks like Visa, which handles around 24,000 transactions per second.
Lemongrass Update Fuels Price Jump
The recent Lemongrass update, which introduced cross-chain features and one-click interaction, has played a significant role in boosting Celestia’s price. The upgrade, marking the first mainnet improvement, highlighted the foundation’s commitment to scalability as blockchain competition intensifies.
TIA Price Soars by 14%
Following the $100 million fundraising announcement, Celestia’s token (TIA) saw a 14% surge in price, riding on the positive momentum in the broader crypto market. Over the past week, TIA’s price has risen by 34%, recovering from earlier losses during a market dip. Investors are now looking toward the next milestone of $10.
Celestia’s chairman, Mustafa Al-Bassam, emphasized the importance of scalability in blockchain development. He noted that Celestia has evolved from scaling block space from the “dial-up era” to the “broadband era” and is now aiming for the “fiber optic era.” This technological advancement promises greater efficiency, low latency, and verifiability, all while expanding block space capacity.
