According to CoinDesk, Celestia, a modular blockchain that claims to scale with more users, has experienced low activity in its first week, with less than 350,000 transactions registered in the four days following its release. Data from Mintscan reveals that the current transactions per second (TPS) on Celestia is 0.19, compared to Ethereum's 29.33 TPS and Arbitrum's average of 35 to 45 TPS over the past week. Around 190,000 users claimed Celestia's airdrops on Tuesday, leaving slightly less than $1 million in unclaimed value.
The token currently trades at $2.33 with a market cap of $329 million. Daily trading volume peaked at $475 million on Wednesday and has since dropped to around $170 million, according to CoinMarketCap. Celestia's business model focuses on data availability, aiming to scale the entire crypto ecosystem. Modular blockchains work by creating specific channels for speed and execution, unlike monolithic blockchains.
Despite a slow start in terms of activity, Celestia network validators can currently receive around 23.39% APR as a yield for staking the native TIA token, considerably higher than Ethereum's rate of 3.8%. The performance of the TIA token has been impressive compared to sui (SUI) and aptos (APT), both of which were airdropped to early adopters over the past year and experienced downturns after being issued. The stability of TIA can be attributed to a low level of inflation, as early investors and core developers have their token allocation locked up until October 2024.
