Celestia Foundation Raises $100M
The raise led by Bain Capital Crypto comes amid a recent price run-up for TIA. Subscribe to Bankless or sign in 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%. Written by David C 338 Articles • View all David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.