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What is Celestia?
Celestia is a modular blockchain network that provides developers with the infrastructure to build and maintain blockchains. Specifically, Celestia allows other blockchains to use it as a data availability and consensus layer.
Celestia is a modular blockchain network that provides developers with the infrastructure to build and maintain blockchains. Specifically, Celestia allows other blockchains to use it as a data availability and consensus layer.
Celestia is a modular blockchain network that provides developers with the infrastructure to build and maintain blockchains. Specifically, Celestia allows other blockchains to use it as a data availability and consensus layer.
Blockchains can securely publish their transactions on Celestia, allowing their nodes to remain slim on a growing blockchain when used as a data availability layer. As a consensus layer, Celestia’s network of nodes check and validates the stored data.
Celestia is the world’s first data availability network, but what does data availability mean, and what problem Celestia is solving?
Let us first understand what data availability is. Data availability refers to the confidence that any network participant can download transaction data at any time to verify a block. It is a security measure allowing anyone to inspect the blockchain ledger and verify its transactions.
The main bottleneck here is that nodes are required to download the complete transaction data to independently verify blocks. This is a significant scaling problem as downloading all transaction data of a growing blockchain becomes difficult for normal nodes (only full nodes can download the entire blockchain data).
Celestia solves this problem by utilizing a technology called data availability sampling (DAS).
Using DAS technology, nodes that cannot download the entire blockchain data (called light nodes) need to sample only a tiny portion of the block data to verify whether the block has been published.
Light nodes conduct multiple rounds of random sampling. As more selection rounds are completed, the confidence that the data is available increases. Once a predetermined confidence level (e.g., 99%) is reached, the light node will consider the available block data.
With the help of DAS technology, data availability solutions like Celestia are expected to help blockchains like Ethereum scale without undermining their security. L2 rollups – key to Ethereum’s scaling roadmap – post “summaries” or “proofs” of transactions to the L1 layer for settlement. If the transactions are not available for verification (i.e., data availability), the rollup operator can act dishonestly.
Celestia released its native cryptocurrency, TIA, alongside its main net launch on October 31, 2023.
The project had earmarked 60 million TIA tokens (6% of total supply) to be airdropped during genesis to developers, researchers, highly-active stakers, and addresses on Ethereum, Ethereum rollups, Cosmos, and Osmosis.
Here is all you need to know about the TIA token.
Celestia’s TIA token debuted on the open market at around $2.
TIA/USDT hit an all-time high of $14.68 on December 14, 2023.
TIA market capitalization stood at over $2 billion as of December 15, 2023.
Over 150 million TIA were in circulation at the time of writing.
Celestia’s TIA token has a hard cap of 1 billion tokens.
TIA token is designed to inflate at 8% in its first year
TIA inflation is intended to decrease by 10% each year until an annual inflation floor of 1.5% is reached
Developers must pay fees in TIA for Celestia’s data availability solutions.
Celestia-based rollups will use TIA as a gas token and currency.
Being a proof-of-stake chain, Celestia will use TIA for staking.
TIA stakers will be able to participate in the decentralized governance of Celestia
Polygon and Celestia are two important players in Ethereum’s rollup-centric roadmap. The former creates an ecosystem of tools to help developers easily create new blockchains and decentralized applications. At the same time, the latter helps layer two rollups scale by providing off-chain data storage, consensus and verification.
On December 12, 2023, Polygon Labs announced that Celestia’s data availability solution will now be available to Polygon developers. The integration of Celestia’s DA solution with the Polygon Chain Development Kit (CDK) will help developers utilize and customize Celestia’s DA solution as an “easily-pluggable component.”
Several blockchain projects like OKX, Astar, Canto, Gnosis Pay, Plam, and IDEX already use the Polygon Chain Development Kit (CDK) to launch layer two chains on Ethereum.
“The ability to launch a high-throughput ZK-powered Ethereum Layer 2 as easily as deploying a smart contract will do for blockchain adoption what high-speed fiber did for Web2 applications,” said Polygon co-founder Sandeep Nailwal.
Amid a crypto bear market, the blockchain community has once again showcased focus and determination to release a product that can significantly influence how blockchains are designed.
Celestia’s data availability solutions have come at an apt time. It is well poised to support technological innovations in the crypto sector led by Ethereum’s rollup-centric roadmap.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
A whale created a new wallet on May 16 and withdrew 1,870.68 ETH (worth $5.7 million) from the Gemini cryptocurrency exchange to buy 6 million ONDO tokens at an average price of 0, 95 USD.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
Fantom (FTM), a once famous layer-1 blockchain, is receiving attention again ahead of an important upgrade called Sonic.
On the evening of May 17, the Fantom Foundation posted an important governance proposal, announcing to the community a new project called Sonic Network (S). Sonic Network is a new layer-1 blockchain developed by Fantom on the new Sonic technology platform, replacing Fantom's old Opera version.
https://x.com/FantomFDN/status/1791517798205907116
Once the Sonic Network is deployed, FTM holders will be able to redeem tokens 1:1 for the Sonic network currency called S. Those who do not want to redeem can still continue to hold FTM. However, the Fantom Foundation encourages users to migrate to the new network as all the attention and development effort of the project will be transferred here.
The rest of the proposal retains the changes that were mentioned in the Sonic upgrade announcement at the beginning of the year.
Both Fantom's FTM and TVL token prices have increased more than 30% in the last 7 days, the clearest signal that money is being poured back into the project.
Specifically, while the FTM price increased from 0.64 USD to 0.84 USD, the value locked (TVL) of Fantom increased to 200 million USD on May 16, before decreasing to 129 million USD at the time of writing. This is the highest TVL level that Fantom has achieved since July 2023, when the Multichain hack occurred, causing heavy damage to the ecosystem.
