WEB3
by Soumen Datta
September 24, 2024
Since the launch of its Mainnet Beta in October 2023, Celestia has deployed over 20 rollup chains and is targeting a network upgrade to 1 gigabyte blocks.
Celestia Foundation announced raising $100 million in a funding round led by Bain Capital Crypto. The investment will support Celestia's mission to address blockchain scalability issues through its modular architecture.
Other notable investors in this round include Syncracy Capital, 1kx, Robot Ventures, and Placeholder. With this latest injection of capital, Celestia has now raised a total of $155 million to further develop its ecosystem.
With the latest $100 million raised, Celestia now has $155 million in total capital. While the foundation hasn’t specified exact plans for the new funds, the roadmap shows a focus on scaling and data availability.
Celestia’s goal is to build a blockchain infrastructure that can support real-world applications, with an emphasis on improving throughput and reducing costs for users.
Traditional blockchains like Ethereum handle consensus, data availability, and execution all on a single layer. This monolithic structure can create bottlenecks, limiting scalability and increasing costs. By decoupling these layers, Celestia provides developers with a more efficient and scalable solution, according to the Celestia team.
Celestia’s key innovation is its modular blockchain architecture, which separates the consensus and data availability layers from the execution layer. This architecture allows for the creation of specialized blockchains tailored to specific needs, reducing network congestion and lowering operational costs. Developers can create more efficient applications, and users benefit from faster and cheaper transactions.
Since the launch of Celestia’s Mainnet Beta in October 2023, over 20 rollup chains have been deployed using Celestia's data blobs.
One of Celestia's most ambitious goals is outlined in its technical roadmap—scaling to 1 gigabyte blocks. This would mark a massive increase in data throughput, allowing Celestia to surpass the capabilities of even traditional financial systems like Visa, which processes around 24,000 transactions per second (TPS).
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Author
Soumen Datta
Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.
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