Celestia collects $ 55 million for new modular blockchain

Celestia collects $ 55 million for new modular blockchain

The blockchain scaling startup Celestia has applied $ 55 million to strengthen its web3 development goals.

The round is intended for the creation of a modular blockchain network, said Celestia on Wednesday. The round was headed by Bain Capital Crypto and Polychain Capital, and the participants include the Spartan Group, FTX Ventures and Jump Crypto.

Modular blockchains - in contrast to monolithic blockchains - are theoretically highly scalable and segmented. They consist of specialized chains that are “less limited and the rigidness of monolithic chains break in flexible components, which promises greater scalability, security and decentralization,” Celestia wrote in a bloggen .

"Modular blockchains will define the next decade of web3 innovation," said Mustafa al-Bassam, a co-founder of Celestia.

According to al-Bassam, crypto has been dominated by relatively monolithic layer 1-smart-contract platforms that have sacrificed decentralization and security in the past ten years to create space for cheaper transactions.

"In contrast to what is seen in the Sharing, Celestia non-consensus nodes will still improve throughput and security," wrote Blockworks Research in a report. "The network prioritizes the scaling of the block verification instead of block production."

The modular blockchain projects Eclipse, Constellation and Dymension already use Celestia for their data availability layer, the company said an example of demand.

"Modular designs enable quick experimenting throughout the decentralized application stack," said Alex Evans, partner at Bain Capital Crypto. "By minimizing the complexity of the basic layer, Celestia offers cleaner abstractions for developers and greater sovereignty for user communities."

The capital procurement is carried out because venture dollars remain strong - even under turbulent market conditions. Last month, Sardine, a security company for blockchain transactions, has completed a risk increase increase of $ 51.5 million for product development. Also in September, North Island Ventures closed a $ 125 million fund to support promising crypto and web3 projects.

Venture financing will probably just put on again after the market depletion, said Cathie Wood, CEO of ARK Invest, recently during a panel discussion in New York.

"I think venture has been oriented towards public markets recently," said Wood. "I think if the public market begins to turn, risk financing will turn violently. The private markets are currently praising innovations more correct than the public markets."

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The Celestia contribution collects $ 55 million for new modular blockchain is not a financial advice.