BLOX crypto of the day: Celestia rises 18%

Celestia reached its all-time high on February 10th this year, but has since fallen 66%. The value is slowly creeping back towards that all-time high, a day like today with an 18% increase helps with that.

Celestia is currently valued at €6.72.

Celestia stands out

Market expert and technical analyst DeFiSquared highlights the recent upward trend of the Celestia’s course. Despite current market conditions, which are influenced by a perceived lack of usability of cryptos, Celestia stands out as a blockchain infrastructure that facilitates “real and useful activity.”

On social media the expert says that a significant portion of the data placed on Celestia comes from the Orderly Network. This network provides permissionless liquidity for on-chain perps markets, a sector with constant and significant demand. The Orderly Network processes a significant portion of the market volume, with over half a billion transactions daily, and growing.

According to the analyst, the need for a data availability layer to facilitate secure and permissionless liquidity for on-chain perps markets has become clear. Let’s explain it in plain language.

Imagine you are in a busy market and you want to know how much a certain product costs. You can go to different stalls and compare prices, but it can be difficult to be sure that all the vendors are charging fair prices.

This is true data availability layers such as Celestia come into play. These networks ensure that everyone on the network has a copy of the transaction history. This makes it much harder for bad actors to manipulate the market or make fraudulent transactions.

On-chain perpetuals markets are a type of DeFi exchanges where people can trade cryptocurrencies with leverage. This means they can borrow more money to increase their stake, increasing the risk and potential reward.

For these markets to operate safely, it is essential that there is a reliable data availability layer. Celestia is one of the leading candidates for this role, thanks to its focus on scalability, security and decentralization.

Celestia is modular

Celestia is a modular blockchain network. It offers a unique solution to the challenges faced by traditional blockchains, namely scalability and flexibility.

TIA is the native token of the network and is used for:

  • Payment of Transaction Fees: Users pay TIA fees for submitting transactions on the Celestia Network.
  • Network Governance: Token holders can vote on governance proposals to determine the future of the Celestia protocol.
  • Staking: Users can stake their TIA tokens to secure the network and earn rewards. Through BLOX you will get 2% return on TIA here.
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Purpose of the Celestia Project

Celestia’s ultimate goal is to create a foundational infrastructure that enables the development and deployment of scalable, secure, and interoperable blockchain applications.

By lowering the barriers to entry and providing developers with greater flexibility, Celestia hopes to drive mass adoption of blockchain technology and usher in a new era of decentralized innovation.

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