According to Cointelegraph, Celestia Foundation received $100 million in a financing round led by Bain Capital Crypto, with investors including Syncracy Capital, 1kx, Robot Ventures and Placeholder.

Celestia, which brings its total funding to $155 million as of September 23, is working to solve scalability and data availability issues in blockchain networks.

Celestia, launched in 2023, has an architecture that separates the consensus and data availability layers from the execution layer, enabling developers to create more flexible layer-2 rollups.

Traditional blockchains such as Ethereum handle data, transactions, and security on a single layer, limiting flexibility and reducing performance. Celestia’s separation of functions reduces congestion and costs, improving the efficiency and scalability of blockchain services.

Celestia announced its roadmap in early September, planning to expand the block size to 1GB to increase the data throughput of its rollup ecosystem. This upgrade will enable Celestia's network capacity to exceed Visa and process more transactions per second.

Other companies such as Eigenlayer’s EigenDA and Polygon’s Avail are also developing data availability solutions.

Celestia has steadily gained market share from Ethereum since May, increasing from around 20% to around 40% by the end of July.