Celestia Labs creating modular blockchain network raised $55 million
Celestia Labs creating a modular blockchain network raised $55 million in an investment round co-led by Polychain Capital and Bain Capital.
Celestia a Startup that is focused on scaling blockchains has raised $55 million in a combined Series A and Series B round to support its goals for Web3 development. The investment funding will be used to build a modular blockchain network, Celestia announced on Wednesday.The round was co-led by Polychain Capital and Bain Capital. Crypto. Spartan Group, FTX Ventures, Coinbase Ventures, Placeholder, Galaxy, Delphi Digital, and Jump Crypto are among the other angel investors in the round.
In order to create a modular architecture for deploying and scaling blockchains, Celestia Labs, the business that created the Celestia blockchain network, revealed recently that it had acquired $55 million in funding from investors Bain Capital Crypto and Polychain Capital. In order to address the difficulties associated with implementing blockchains at scale, Celestia creates what it refers to as modular blockchain architecture. With the help of its technology, businesses can more quickly and cheaply deploy their own blockchains.
For this Celestia deconstructs its own layer-1 blockchain and concentrates on organizing transactions and making the data accessible. Its blockchain neither offers smart contracts nor executes calculations. Instead, through interoperability, a key aspect of its modularity, these tasks be delegated to other blockchains or alternative execution environments.
The goal of this design is to enable developers to quickly scale out their own blockchain networks, define their own data layers, and create their own virtual execution environments. This means that developers can create their own blockchains for apps to run on, much like cloud services can create new virtual servers.
The modular rollups chain Eclipse, the app development chain Constellation, and the modular Cosmos settlement layer dYmension are the three different modular blockchain projects that have chosen Celestia to be the data availability layer for their chains.
Using Celestia as the foundation layer for the deployment of modular blockchains provide developers a number of advantages. These include increased scalability, common security for app compatibility, and the freedom to select the execution environment of their choosing. Developers can select their own virtual machines, such as the Ethereum Virtual Machine, Solana Virtual Machine, zero-knowledge roll-ups, or some other compatible smart contract execution layer of their choice, thanks to modularity and the separation of the execution and data levels.
CBW - External Analyst