This Crypto Project Raised $100 Million to Boost Blockchain Scalability

The Celestia Foundation has secured $100 million in new funding, according to an official announcement.

Led by Bain Capital Crypto, the round also included participation from Syncracy Capital, 1kx, Robot Ventures, Placeholder, and others. This brings Celestia’s total funding to $155 million.

Since the October 2023 launch of Celestia’s Mainnet Beta, which introduced the first modular consensus and data network designed to scale blockchains, the ecosystem has seen rapid growth. Currently, developers have built 20 rollup chains, and Celestia’s data blobs account for more than half of the data published by rollups.

Unlike traditional Layer 1 blockchain models that use a single shared execution layer for applications, Celestia’s modular approach increases scalability by removing execution layer limitations. This allows developers to create high-performance decentralized applications using various virtual machines (VMs), without being restricted to specific smart contract languages or rollup frameworks.

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The funding comes as Celestia’s development community reveals plans to scale to 1-gigabyte blocks, which would drastically improve data throughput. This upgrade could enable Celestia to process transactions at a level comparable to or exceeding traditional payment networks like Visa, which handles around 24,000 transactions per second (TPS).

Alexander Stefanov