Polychain invested a total of approximately $20 million in Celestia's Series A and B rounds, and received more than $82 million in TIA tokens through staking rewards, achieving a return on investment of more than 4 times. Remarkably, these gains were realized before the tokens were unlocked.

Celestia's total token distribution is 75,071,406.57 TIA, of which 2/3 (i.e. 50,047,608.03 TIA) will be allocated through linear unlocking. The remaining 1/3 (25,023,798.54 TIA) is held through cliff unlocking and wallets with no lock-up period. However, Celestia's 10 wallets with no lock-up period did not delay unlocking as expected, and it seems that there is no lock-up period at all.

According to official documents, 1/3 of the tokens allocated to investors will be unlocked starting October 30, but if the balance of addresses without lock-up periods is ignored, the proportion of cliff unlocked addresses will be less than 1/3 of the total allocation.

This incident reveals Polychain's investment strategy and potential inconsistencies in Celestia's token unlocking mechanism, which may bring additional attention and impact to other investors and market participants.

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