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Celestia Foundation Raises $100M
The raise led by Bain Capital Crypto comes amid a recent price run-up for TIA.
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Yesterday, the Celestia Foundation announced it had raised $100M in a new funding round led by Bain Capital Crypto.
What's the Scoop?
- Lead Investors: The round was led by Bain Capital Crypto, with participation from Syncracy Capital, 1kx, Robot Ventures, and Placeholder, whose Chris Burniske has been an avid TIA bull on the timeline.
- Technology: Celestia's "data availability sampling" tech is critical for scaling, allowing users to verify large blocks without downloading all the data, with developers planning to scale Celestia to 1 gigabyte blocks.
- Adoption: Over two dozen rollups have been deployed on the network since its launch.
Bankless Take:
After nearly round-tripping its 10x gains from the initial airdrop launch, Celestia looks to be so back as its raise coincides with a resurgence in alts. Despite its minimal revenue, modularity and DA remain central to scaling discussions, with Celestia as a frontrunner in this vertical, most closely rivaled by the tokenless EigenDA. It still does have tremendous unlocks arriving in late October, which will add 82% to the circulating supply. Despite this, TIA surged as much as 25% yesterday, though it has since settled, currently up ~7%.