The Celestia Foundation announced a $100 million fundraise Monday, inflicting its token, TIA, to spike over 14% from $5.94 to $6.81. The token remains to be up 9.6% all around the last 24 hour length, in accordance to Coingecko, priced at $6.17 with a total market cap of $1.3 billion.

The most modern spherical introduced the overall quantity raised by the Celestia Foundation to $155 million. The spherical change into led by Bain Capital Crypto, with toughen from Syncracy Capital, 1kx, Robotic Ventures, Placeholder, and several other other companies, per a press free up.

Celestia is a proof-of-stake layer 1 blockchain community that provides a data availability layer for rollups and layer 2 blockchains. TIA serves as a gasoline token, as well to price for data storage home and a staking token. The Foundation describes it as a “modular blockchain” on legend of it permits builders to originate their very maintain protocol by combining Layer 2 scaling solutions with various technology, establishing a customised stack. The Celestia Mainnet Beta went are living remaining October.

The foundation’s core developer community announced an updated technical roadmap earlier this month, proposing 24 enchancment proposals and getting keen the community for its first upgrades since originate. The roadmap focuses developer efforts on scaling data availability to 1 gigabyte blocks and decentralizing verification by making “gentle” nodes ready to urge in browsers.

Celestia has “scaled blockspace from the dial-up technology to the broadband technology,” Celestia Foundation co-founder Mustafa Al-Bassam acknowledged in the click free up. “Now, the core builders maintain launched the technical roadmap to scale blockspace to the fiber optic technology—while keeping it verifiable and low latency.”

Since TIA’s trace hit a excessive of $20.17 in February, the worth has repeatedly fallen month-over-month, no topic Celestia nearing Ethereum in data availability market fraction, in accordance to Blockworks, and builders launching 20 rollup chains. On the opposite hand, TIA’s fresh trace remains to be bigger than three cases its preliminary list trace of $2.08.