OKX Ventures Invests in Celestia Lab's Series B Funding for Modular Blockchain Development
Rebeca Moen Oct 17, 2023 04:05
OKX Ventures has invested in Celestia Lab's Series B funding round to advance the development of the first modular blockchain network, Celestia. This investment aligns with the growing trend towards modularity in blockchain technology, aimed at overcoming scalability issues inherent in traditional Layer-1 chains. The initiative also underscores OKX Ventures’ broader commitment to fostering blockchain innovation globally.
OKX Ventures, the venture capital subsidiary of notable cryptocurrency exchange and Web3 technology firm OKX, declared its involvement in the Series B funding phase of Celestia Lab today. Celestia stands as the pioneering modular blockchain network which allows developers to utilize its platform as a foundational layer for consensus and data processes. Post this, developers have the liberty to select a virtual machine, such as Ethereum, Solana, or zero-knowledge roll-ups among other compatible smart contract execution layers, to create and launch their distinct blockchain networks. This notion diverges from the earlier blockchain infrastructure generations where Layer-1 chains were responsible for consensus, data operations, and execution collectively, a setup referred to as 'monolithic' by Celestia.
Moreover, Celestia is anticipated to be the first-ever blockchain network to integrate Data Availability Sampling (DAS) upon its launch slated for later this year. DAS embodies a more agile and lighter method to authenticate blocks without necessitating nodes to download the entirety of the data within a block. By enabling nodes to validate smaller, randomly chosen data segments within a block, Celestia aims to circumvent the scalability compromises that have traditionally impeded Layer-1s till now.
Expressing her views on the development, Dora Yue, the Founder of OKX Ventures remarked, "Observing scalability, a shift towards modularity in the blockchain sector is noticeable. Celestia has spearheaded a modular approach that presents a totally distinct paradigm in comparison to conventional Layer-1 chains, offering developers enhanced customization options and potentially propelling blockchain infrastructure into a new epoch."
Developers leveraging Celestia as a primary layer for rolling out modular blockchains can reap several advantages including elevated scalability, shared security fostering interoperability amidst applications, and the flexibility to choose among execution environments like Ethereum and Solana.
Recently, as reported by Blockchain.News, OKX Ventures underlined its continual support for the crypto sector by funding promising projects like Aark Digital, dappOS, and 0xScope, as detailed in its September report. These ventures aim to address different crypto challenges, with Aark Digital focusing on enhancing decentralized exchange platforms, dappOS improving user experience in decentralized applications, and 0xScope democratizing data access across Web2 and Web3. These strategic investments by OKX Ventures are in tandem with its recent backing of Celestia Lab's modular blockchain technology in the Series B funding round, reinforcing its dedication to fueling innovation and growth in the cryptocurrency ecosystem.
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