Layer-1 modular blockchain Celestia (TIA) is soaring after the project’s foundation raised $100,000,000 to support the ecosystem.
The Celestia Foundation, a nonprofit group set up to support the TIA network, says Bain Capital Crypto led the $100 million fundraising effort.
Other groups contributing to the funding included Syncracy Capital, 1kx, Robot Ventures and Placeholder.
TIA went from trading for a low of $5.44 to a high of $6.86 on the day of the announcement, a more than 26% gain.
At time of writing, TIA is trading for $6.61. With a current market cap of $1.4 billion, TIA is the 64th-largest crypto project.
According to the project, developers are working to “scale to 1 gigabyte blocks, bringing a massive increase in data throughput to Celestia’s rollup ecosystem.”
“In a previous era, the throughput of Visa (~24,000 TPS) was considered an impressive North Star. With 1 gigabyte blocks, Celestia is tracking to deliver the capacity of many Visa networks in parallel.”
Says Mustafa Al-Bassam, co-founder of Celestia and chairman of the Celestia Foundation,
“When Celestia launched last year as the first modular data availability layer, it scaled blockspace from the dial-up era to the broadband era. Now, the core developers have introduced the technical roadmap to scale blockspace to the fiber optic era – while keeping it verifiable and low latency.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Celestia (TIA) Skyrockets After Foundation Announces $100,000,000 Fundraise appeared first on The Daily Hodl.
