In readiness for the event, there has been a major increase in the price of TIA, as it was already trading on a decentralized derivatives exchange, Helix, at around $3.15.
Celestia, a modular blockchain network focused on data availability, is preparing to launch its mainnet today, October 31, at 14:00 UTC. This long-anticipated event will also see the project’s native token, TIA, listed on major exchanges soon after.
Trading Activity Picks Up Ahead of Today’s Celestia Mainnet Launch
In readiness for the event, there has been a major increase in the price of TIA, as it was already trading on a decentralized derivatives exchange, Helix, at around $3.15. This early price action reflects building anticipation for the full release and exchange listings. This is also a common thing that happens when a project is about to experience a boost, either through a listing or any major positive event. The price increases as users buy more to gain from the potential fast increase. Trading volume for TIA is still low, with only about $3,000 in daily TIA trading on Helix so far. Liquidity is expected to improve dramatically upon the token being listed on centralized exchanges.
Binance, the world’s largest cryptocurrency exchange, has set 16:00 UTC as the tentative listing time for the crypto. Meanwhile, KuCoin and Bybit also announced plans to enable TIA trading two hours earlier, by 14:00 UTC. These listings will introduce TIA/USDT trading pairs, allowing for direct pricing and trading against the US dollar. The news has added to the momentum buildup around Celestia’s price as it approaches this long-awaited milestone.
Celestia’s mainnet launch will also distribute 60 million TIA tokens, representing 6% of the total supply, to active users across blockchain networks. The airdrop targets users on Ethereum Layer 2 networks, Cosmos Hub validators, Osmosis Liquidity Providers, and developers building open-source software, among others. The snapshot for airdrop eligibility was taken on January 1.
Celestia Remains Committed to Its Vision and Growth
The Celestia network started in 2019 to create a modular blockchain that effectively integrates data availability and execution engines. The company has invested much money into this vision, including the $55 million raised last October from major Venture Capitals. The project focuses on arranging and sharing transaction data across blockchains in a decentralized manner. By offloading execution onto custom application-specific blockchains, Celestia aims to reduce the cost of decentralized app development. The mainnet launch represents a major milestone for the data availability network. In talking about the proposed launch, Celestia said:
“Initially, Celestia will be experimental, and so launch will be referred to as Mainnet Beta.”
The team also admitted that they still had a lot of work to do to ensure that the network will be more efficient by saying:
“Expect occasional instability or reduced performance. Anticipate updates, fixes, and enhancements driven by our community of users and developers. Proceed with caution, but recognize that Mainnet Beta is where Celestia will evolve into a stable cornerstone for the modular stack. It’s time to start the journey.”
According to the company, future additions to the mainnet will support reducing data storage requirements, Ethereum Mainnet integration, and assistance with light nodes, among many other things. This is a defining moment for the project, as the token is now facing a real test in public markets.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor’s and master’s degrees in linguistics. When not writing, he trades forex and plays video games.