Layer 1 modular blockchain Celestia (TIA) is booming after the project’s foundation raised $100,000,000 to support the ecosystem.
According to the Celestia Foundation, the nonprofit group created to support the TIA network, the $100 million fundraising was led by Bain Capital Crypto.
Other groups contributing to the funding include Syncracy Capital, 1kx, Robot Ventures and Placeholder.
On the day of the announcement, TIA was trading at a low of $5.44 and a high of $6.86, a gain of more than 26%.
At the time of writing, TIA is trading at $6.61. With a current market cap of $1.4 billion, TIA is the 64th largest cryptocurrency project.
According to the project, developers are working to “move to 1 gigabyte blocks, bringing a massive increase in data throughput to Celestia’s rollup ecosystem.”
“Visa’s throughput (around 24,000 TPS) was once considered an impressive North Star. With 1 gigabyte blocks, Celestia is on track to provide the capacity of many Visa networks in parallel.”
Mustafa Al-Bassam, co-founder of Celestia and chairman of the Celestia Foundation, said:
“When Celestia launched last year as the first modular data availability layer, it evolved the block space from the dial-up era to the broadband era. Today, the core developers have outlined the technical roadmap for evolving the block space into the fiber era, while keeping it verifiable and low-latency.”
Don’t miss a thing – Subscribe to receive email alerts directly to your inbox
Check price
Follow us on XFacebook and Telegram
Surf the Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies 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.
Image generated: Midjourney
