China News Today TheBitTimes.com

Layer-1 modular blockchain Celestia (TIA) is soaring after the project’s foundation raised $100,000,000 to support the ecosystem. According to the Celestia Foundation, the nonprofit group set up to support the TIA network, the $100 million fundraising was led by Bain Capital Crypto. Other groups contributing to the funding included Syncracy Capital, 1kx, Robot Ventures and Placeholder. TIA was trading for a low of $5.44 to a high of $6.86 on the day of the announcement, a more than 26% gain. At time of writing, TIA is trading for $6.61. With a current market cap of $1.4 billion, TIA is the 64th largest crypto project. According to the project, developers are working to “scale to 1 gigabyte blocks, bringing a massive increase in data throughput to Celestia’s rollup ecosystem.” “In a previous era, the throughput of Visa (~24,000 TPS) was considered an impressive North Star. With 1 gigabyte blocks, Celestia is tracking to deliver the ...

The Stargate Foundation, in agreement with FTX liquidators, has advised the DAO that issuing the STG token could put its safety at risk and may violate the automatic stay. Stargate Foundation has advised its decentralized autonomous organization (DAO) against reissuing Stargate’s native Stargate Finance (STG) token due to concerns raised by FTX liquidators. The liquidators have expressed the belief that such a move would violate the automatic stay and could result in legal repercussions. In March 2022, Alameda Research, the former cryptocurrency trading firm, purchased the entire STG auction for $25 million. However, in November of the same year, FTX declared bankruptcy, following which FTX and Alameda’s wallets were hacked for roughly $500 million. The liquidators eventually transferred all assets to new wallets. Related: Modular blockchains could be the next hot crypto market trend in 2023 In light of these events, Stargate DAO has proposed the re-issuance of the $STG token to mo...