Celestia Foundation Raises $100M in Funding Led by Bain Capital Crypto
Bain Capital Crypto led a funding round that raised $100 million for the Celestia Foundation, a cutting-edge modular data availability layer protocol.
Bain Capital Crypto led a funding round that raised $100 million for the Celestia Foundation, a cutting-edge modular data availability layer protocol.
Other prominent backers include Syncracy Capital, 1KX, Robot Ventures, and Placeholder. This latest round brings Celestia’s total fundraising to $155 million since its launch in 2023.
The investment is a strong endorsement of Celestia’s unique approach to addressing blockchain scalability and data availability—two of the most significant challenges in the industry today.
CELESTIA FOUNDATION RAISES $100M TO SCALE MODULAR BLOCKCHAIN
– Celestia, the modular blockchain network, raised $100 million in a funding round led by Bain Capital Crypto, bringing its total funding to $155 million.
– Syncracy Capital, 1kx, Robot Ventures, and Placeholder also… https://t.co/r4GWhiKDjs pic.twitter.com/1rvXkAxWBN
— BSCN (@BSCNews) September 23, 2024
By switching to a different approach, developers can create layer-2 rollups with flexibility and versatility without the burden of a congested network, thus making blockchain services more scalable and cost-effective.
This methodology is particularly significant because the adoption of blockchain technology is not just restricted to cryptocurrencies,; industries such as finance, healthcare, etc. are also included.
How Scalability and Efficiency in Blockchain Networks Are Addressed
The new architecture of Celestia radically alters the traditional way of managing blockchain data. Conventional blockchains like Ethereum have executed all the data, transactions, and consensus events on one layer.
Although it is a simple solution, it has also caused bottlenecks in the system, limiting scalability and increasing transaction fees.
By separating these functions, Celestia has allowed developers to create more tailored blockchains that are capable of operating efficiently and handling bigger amounts of data.
Celestia’s plans presented to the public in September include making the block size larger by 1 gigabit. Consequently, the data speed would be multiplied.
The improved method of scaling the application is reminiscent of the transition from dial-up to broadband internet, said Mustafa Al-Bassam, co-founder and Chairperson of the Celestia Foundation.
Celestia’s Growing Market Share and Future Roadmap
The blockchain market has experienced the rapid growth of Celestia since it has launched. Reports confirm that the company has gradually increased its market share from Ethereum, rising from 20% in May to around 40% by the end of July.
The firm aims to keep expanding its influence through its technical roadmap, which promises to amplify blockspace to the “fiber-optic era” while ensuring low latency and verifiability.
Celestia Foundation secures $100 million in funding
-Led by Bain Capital Crypto
-Launched in 2023 as a modular data availability layer protocol
-Aims to enhance blockchain scalability by separating consensus, data availability, and execution layers
-Total funding: $155 million— Token Dispatch (@tokendispatch_) September 24, 2024
Celestia’s achievements have attracted the attention of other big names in the data availability sector, namely, Eigenlayer’s EigenDA and Polygon’s Avail, who are also focusing on solutions that will bring in better scalability levels.
By being part of the new phase of $100 million investments, they will be able to help Celestia remain a step ahead of its competitors while it plans to revolutionize the method of data processing and management across decentralized networks.
Key Takeaways:
- Celestia raised $100M, bringing total funding to $155M.
- The protocol separates consensus and data availability layers to improve scalability.
- Celestia’s block size upgrade could exceed Visa’s transaction processing capacity.
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