Celestia Raises $55 Million For Modular Blockchain Network Development.
Startup focused on scaling blockchains, Celestia, has raised $55 million to support its goals for Web3 development. The funding investment will be used to build a modular blockchain network, Celestia announced on Wednesday.
Celestia Aims To Easy Blockchain Deployment
Celestia seeks to address the issue of blockchain deployment difficulty, recently revealed that it had successfully raised $55 million in a combined Series A and Series B fundraising round. Spartan Group, FTX Ventures, and Jump Crypto are among the other investors in the round, which was co-led by Polychain Capital and Bain Capital Crypto.
In contrast to monolithic blockchains, modular blockchains are, in theory, much more scalable and divided. They are composed of specialized chains, which, according to a blog post by Celestia, “are less limited and break the rigidity of monolithic chains into flexible components, delivering greater size, security, and decentralization.”
Mustafa Al-Bassam, a Celestia co-founder, said that “modular blockchains will define the next decade of Web3 innovation.”
“Modular blockchains will define the next decade of Web3 innovation. We envision a blockchain ecosystem with modular data availability layers and execution environments that all integrate together. We believe modular blockchains are the next generation of scalable blockchain architectures.”
According to Al-Bassam, for the past ten years, layer-1 smart contract platforms have dominated the crypto space. These platforms have sacrificed decentralization and security to allow for more affordable transactions.
The money is expected to enable Celestia to keep developing its modular network so that anyone may easily construct their own blockchain. The company claims that because of their monolithic nature, current-generation blockchains are particularly challenging to implement and operate. The architecture of Celestia introduces a number of layers that provide additional decentralization and flexibility.
The startup had previously raised $1.5 million in its seed fundraising round in March 2021.
Details and a Roadmap for Celestia
One example of demand, according to the Celestia, is that the modular blockchain projects Eclipse, Constellation, and dYmension already use Celestia for their data availability layer.
Alex Evans, a partner at Bain Capital Crypto, stated that “modular architectures are allowing rapid experimentation across the decentralized application stack.” Celestia “offers better abstractions for developers and greater sovereignty for communities of users” by reducing base-layer complexity.
In order to enable businesses and people eager to utilize modularity for the design of their blockchains, Celestia is already actively incubating projects. Several people and teams have already been chosen by a program called Modular Fellows, which will support and fund their projects for three months while the teams deliver a number of milestones and a demo of finished products.
The project is already operational on the Mamaki testnet, which was introduced in May. For its testnet debut in 2023, Celestia plans to award users with tokens for their involvement in the network. The company has not yet provided a particular launch date for Mainnet, but it is anticipated to begin next year.