In preparation for the event, there has been a large increase in the price of TIA, as it was already trading at around $3.15 on the decentralized derivatives exchange, Helix.
Celestia, a modular blockchain network focused on data availability, is preparing to launch its mainnet today, October 31st at 14:00 UTC. This long-awaited event will also see the project’s native token, TIA, listed on major exchanges soon.
Trading activity picks up ahead of today’s Celestia mainnet launch
In preparation for the event, there has been a large increase in the price of TIA, as it was already trading at around $3.15 on the decentralized derivatives exchange, Helix. This early price action reflects growing anticipation for a full release and exchange listing. This is also a common thing that happens when a project is about to get a boost, either through a listing or some major positive event. The price increases as users buy more to profit from potentially sharp growth. Trading volume for TIA is still low, with only $3,000 in daily TIA trading so far on Helix. Liquidity is expected to improve dramatically when tokens are listed on centralized exchanges.
BinanceThe world’s largest cryptocurrency exchange has set the temporary listing time for the crypto at 16:00 UTC. During this, KuCoin And Bybit also announced plans to enable TIA trading two hours earlier, at 14:00 UTC. These listings will offer TIA/USDT trading pairs, allowing direct pricing and trading against the US dollar. This news has increased the momentum around Celestia’s price as it moves closer to the long-awaited milestone.
Celestia’s mainnet launch will also distribute 60 million TIA tokens to active users on the blockchain network, representing 6% of the total supply. The airdrop targets other users including the Ethereum Layer 2 network, Cosmos Hub validators, osmosis liquidity providers, and developers creating open-source software. The snapshot for airdrop eligibility was taken on January 1.
Celestia is committed to its vision and growth
Celestia Network began in 2019 to build a modular blockchain that effectively integrates data availability and execution engines. The company has invested a lot of money in this vision, including $55 million raised in major venture capital last October. The project focuses on organizing and sharing transaction data in the blockchain in a decentralized manner. By offloading execution to custom application-specific blockchains, Celestia aims to reduce the cost of decentralized app development. The mainnet launch data availability represents a major milestone for the network. Speaking about the proposed launch, Celestia said:
“Initially, Celestia will be experimental, and so the launch will be referred to as a mainnet beta.”
The team also admitted that they still have a lot of work to do to make the network more efficient Saying,
“Expect occasional instability or underperformance. Expect updates, improvements, and enhancements driven by our community of users and developers. Proceed with caution, but recognize that the mainnet beta is where Celestia will evolve into a stable cornerstone for the modular stack. Now the time has come to start the journey.”
According to the company, future inclusion in the mainnet will help reduce data storage requirements, Ethereum Mainnet integration, and support with light nodes, among many other things. This is a defining moment for the project, as the token now faces a real test in the public markets.
Temitope is a writer with over four years of experience writing across various fields. He has a special interest in the Fintech and Blockchain sectors and enjoys writing articles in those areas. He has bachelor’s and master’s degrees in linguistics. When he’s not writing, he trades Forex and plays video games.
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