Understanding the TIA Token and Celestia Blockchain
The Celestia blockchain’s native token, TIA, has been making waves in the cryptocurrency world with a market capitalization of over $US1.3 billion. Despite its impressive ranking in the top 100 coins globally, the token’s value has been on a downward trend recently.
At the beginning of the year, TIA was trading at around $US12 before reaching an all-time high of over $US20 in February. However, as of the latest update, the token is valued at $US6.90. Despite the current dip, TIA is still up over 200% from its initial listing price of $US2.08 just 240 days ago.
Celestia, the blockchain platform behind TIA, is a Layer 1 blockchain designed to be modular, making it easy for developers to launch their own blockchain projects. By leveraging existing rollup technology options, developers can create customised blockchain solutions with reduced development time.
Founded in 2019 by Mustafa Al-Bassam and Ismail Khoffi, Celestia has attracted significant venture capital investment, including a $US1.5 million seed round in 2021 and $US55 million raised in 2022. Built on the Cosmos SDK framework, Celestia offers a unique approach to blockchain development.
The TIA token plays a crucial role within the Celestia ecosystem, serving as a means for developers to pay gas fees, network validators to stake for consensus activities, and holders to participate in governance decisions. With one billion TIA tokens created and a circulating supply of around 193 million, the token’s value and utility continue to evolve.
It’s important to note that Celestia’s TIA token should not be confused with the token of the Tiamonds project, which also trades under the TIA symbol. The alternate TIA is a token distributed to owners of tokenised diamonds on the Tiamonds platform, the world’s largest tokenised diamond marketplace.
As the cryptocurrency market continues to fluctuate, the future of TIA and Celestia remains uncertain. However, with its innovative approach to blockchain development and strong community support, the project is poised for further growth and success in the coming months.