Celestia Project Surpasses $370M Market Cap Following Highly Anticipated Launch
Celestia, a project focused on data availability in blockchain, launched its mainnet on Tuesday. Originating from a 2019 research paper by Mustafa Al-Bassam, the project has seen its market capitalization reach over $370 million overnight.
The buildup to Celestia’s mainnet launch was defined by a high level of speculation surrounding its eagerly awaited TIA token airdrop, one of the most talked-about giveaways in the crypto industry this year. The substantial interest reflects the project’s ambitions to solve inherent issues that plague current blockchains such as Ethereum.
Celestia operates by separating data availability from other core functions of blockchain technology. In doing so, the mainnet introduces a fresh paradigm of modular architecture that enhances efficiency and scalability. The system enables layer 2 solutions and rollups built on blockchains like Ethereum to store and transmit data on Celestia’s network, alleviating stress on the base layer blockchain.
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