Publications

Maven11 participates in $1.5M seed round of Celestia

04 March 2021

Maven 11 Capital is proud to announce that we have participated in the seed round of Celestia alongside an impressive line up of co-investors, angel investors and advisors. Celestia is a pluggable consensus and data availability protocol. When live it will make deploying an application specific blockchain as easy as spinning up an AWS virtual machine.

Diving a bit deeper into the technology shows that the protocol is designed to not execute data on-chain. This is very different from most other protocols we see in this space. Instead Celestia provides a solution to the data availability problem. Resulting in an easy to use base layer that decentralised systems (e.g. blockchains) can plug into.

We’re building Celestia because we see an urgent need by projects in the blockchain ecosystem to deploy their own application-specific chains, but they are being held back by the overhead of having to launch a new consensus network. Celestia fixes this by providing a universal, pluggable consensus layer. We’re thrilled to have the support of Maven 11 as investors in our seed round, who shares our vision.” – Mustafa Al-Bassam, co-founder Celestia

We believe Celestia to become a vital piece of infrastructure by allowing for application (or applications) specific blockchain deployments. We are already seeing this thesis taking place. Some examples of this are the Polkadot parachain slots becoming increasingly expensive, various Cosmos dapps going live, seeing DeFi giants like Compound run their own blockchain, Dapper Labs their Flow blockchain and even some exchanges running their own blockchain network. Not to mention all the layer 2 solutions we have yet to see go live.

However we see a few issues starting to form in these blockchain networks. First they do not share security, and therefore are not as secure as they could be. Secondly, some of those blockchains rely heavily on trust assumptions. And thirdly, you need a certain size as a project, which Compound and Dapper Labs definitely do, to be able to launch your own chain. This puts a hurdle on smaller applications that are still building an ecosystem limiting innovation. Celestia provides a fix to all these issues. Blockchains on top of Celestia share security, are trustless, interoperate easily, are flexible in terms of execution environment and no matter how small or large your application is at that time you can easily deploy.

“Celestia's approach is fundamentally different than anything currently live. They are purely focused on making data have consensus and availability. We envision it as the go-to platform for protocols that require a basic consensus layer, similar to how Ethereum is the go-to platform for computation. This will make building scalable decentralised systems more flexible and we couldn’t be more excited to be backing Celestia” – Balder Bomans, Managing Partner Maven 11 Capital

We are incredibly excited to see Celestia being built by an amazing team of engineers. And can’t wait for all the innovative projects, other protocols either layer 1 or 2, and specific applications, to start trying it out once their devnet goes live.