Celestia aims to design a modular blockchain architecture with the hope to solve issues around deploying and scaling of blockchains. The company recommended about developing an infrastructure to make it accessible for anyone with the technical expertise to deploy their own blockchain at a minimal expense.
On October 18, 2022, Celestia Foundation made the announcement of securing $55 million through a funding round conducted by Bain Capital Crypto, Polychain Capital, Placeholder, Galaxy, Delphi Digital, Blockchain Capital, NFX, Protocol Labs, Figment, Maven 11, Spartan Group, FTX Ventures, Jump Crypto, and angel investors; Balaji Srinivasan, Eric Wall, and Jutta Steiner.
According to media sources, Celestia aims to design a modular blockchain architecture with the hope to solve issues around deploying and scaling of blockchains. The company recommended about developing an infrastructure to make it accessible for anyone with the technical expertise to deploy their own blockchain at a minimal expense, while indicating that their modular blockchain architecture will help solve scalability, security, and sovereignty issues, to make it easier for developers to select their execution environments such as EVM, Solana, VM, among others. Furthermore, the platform claimed that its specialized chains are less constrained, and intend to break the rigidity around monolithic chains into flexible components, for scale, security, and decentralization among others.
“Web3 cannot scale within the constraints of a monolithic framework. 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,” Mustafa Al-Bassam, co-founder, Celestia Foundation, said.
Moreover, Media sources noted that projects within the Celestia current ecosystem include Eclipse, Constellation, dYmension, and 26 projects from Celestia’s fellowship – a program to support and mentor modular builders. In May, Celestia unveiled its testnet Mamaki, with an upgrade scheduled for late October 2022. Implications of the reported cryptocurrency winter show the desire of venture capitalists towards the Web3.0 industry. Research provided by the sources showed that venture firms invested $14.67 billion into the sector in Q2, 2022, with the aim to correlate with first-quarter commitments.
