PANews October 30 news

Modular blockchain Celestia announced that it will release its native token TIA and launch a Genesis airdrop event, which is open to a wide range of community members. The Genesis airdrop plan covers 7,579 developers and 576,653 on-chain addresses on networks such as Ethereum Rollups, Cosmos Hub, and Osmosis. This airdrop plan is aimed at different participants, including developers, ecosystem project contributors, ordinary users, and stakers.

Celestia is a proof-of-stake blockchain based on CometBFT and Cosmos SDK. It is unique in that it supports in-protocol delegation and will start with an initial validator set of 100. Staking TIA as a validator or delegator will be able to receive staking rewards from the network. Validators can also charge delegators a fee and receive a certain percentage of the staking rewards.

What is the utility of Celestia’s native token TIA? What are the token economics and release rules?

What is the use of TIA?

TIA Token Economics

The total supply of TIA Genesis is 1 billion, and the specific distribution method is:

20% is publicly allocated (7.4% is for the Genesis airdrop and incentive testnet, and 12.6% is for future incentives), which will be fully unlocked at launch;

26.8% allocated to the Celestia Foundation and core developers for research, development, and ecosystem initiatives (25% unlocked at launch, remaining 75% unlocked from year 1 to year 4);

15.9% is allocated to early seed investors (33% unlocked in the first year, and the remaining 67% unlocked from year 1 to year 2);

19.7% allocated to early investors in Series A and B (33% unlocked in the first year, and the remaining 67% unlocked from Year 1 to Year 2);

17.6% allocated to initial core contributors (33% unlocked in year 1, and the remaining 67% unlocked from year 1 to year 3).

The TIA inflation rate starts at 8% per year and decreases by 10% per year until it reaches a long-term issuance rate of 1.5%. The exact annual inflation rate is shown in the figure below.

In terms of token release and supply changes, Celestia's 1 billion TIA supply at genesis will be subject to several different unlocking schedules. All locked or unlocked tokens can be staked, and staking rewards are unlocked once received.

Celestia Genesis Airdrop

The Celestia Genesis Airdrop will be distributed to 7,579 developers and 576,653 on-chain addresses on Ethereum, Rollups, Cosmos Hub, and Osmosis. Airdrop claims will end at 20:00 on October 17, 2023. At the end of the Genesis Airdrop, unclaimed tokens (up to 45 million TIA) will be distributed to developers and accounts that have submitted addresses.

It is worth noting that users in the United States or other prohibited jurisdictions cannot claim the airdrop.

1. Research and Public Products (6 million TIA allocated)

Among them, research and public products are divided into protocol public products and infrastructure (4.6 million tokens) and Eth Research community (1.4 million tokens).

The eligibility criteria for the protocol’s public goods and infrastructure are:

Contributors to the protocol’s public goods and infrastructure;

Celestia contributors and dependencies;

Contributors to EIPs and BIPs.

Celestia will also distribute 1.4 million TIA to members of the Eth Research forum. The specific eligibility criteria are:

Eth Research forum users who created at least 1 topic or 1 post before July 5, 2023 (excluding Celestia Labs team members and advisors).

2. Early modular ecosystem (14 million coins)

Celestia will distribute 8.35 million TIA to contributors to organizations in the Celestia ecosystem graph, as well as public contributors to organizations participating in Modular Summits 1 and Modular Summits 2, and participants in Cohort 1 of the Celestia Modular Fellows Program (also excluding Celestia Labs team members and advisors).

An additional 5.65 million TIAs will be allocated to Github super contributors with at least 4 commits total across all eligible repositories, with more TIAs allocated to contributors with at least 23 commits total across research and public products and early modular ecosystem standards.

3. Early adopters of Ethereum Rollups (20 million)

Early adopters of Ethereum Rollups will receive 20 million TIA rewards, which will be distributed to the top 50% of active users of the top 10 Ethereum Rollups ranked by TVL on L2Beat, with the snapshot time being January 1, 2023 (Ethereum block 16308181).

Eligible Ethereum Rollups include OP Mainnet, Arbitrum One, Arbitrum Nova, Starknet, zkSync Lite, dYdX (StarkEx), Immutable (StarkEx), SoRare (StarkEx), Loopring, and Metis Andromeda.

To determine a user’s on-chain activity level, Genesis Drop assigns points for on-chain actions on Ethereum and all eligible Rollups. Specific considerations include interacting with smart contracts and applications, holding ENS names, donating to Gitcoin, gas spent, and recent transactions.

This part of the airdrop objects excludes the Hop Sybil list, Hop's transaction/relay blacklist, the OP airdrop#1Sybil filter, and the Ethereum and Rollup addresses that Trusta Labs has determined to be very likely to be Sybils based on its method of identifying on-chain cluster behavior and asset transfers.

4. Cosmos Hub and Osmosis stakers and IBC relayers (20 million)

Celestia will distribute 18.5 million TIA to Cosmos Hub and Osmosis stakers and delegators (≥ $75), inviting them to join Celestia and participate in securing and managing the network. The snapshot will occur before January 1, 2023, at Cosmos Hub block 13482205 and Osmosis block 7592794.

The distribution metric is evaluated based on the Cosmos/Osmosis scoring methodology adapted from Trusta Labs’ MEDIA scoring framework, measuring criteria including last transaction time, number of IBC transactions, total value of all transactions, account age, gas consumed, etc.

Additionally, Celestia will allocate 1.5 million TIA to IBC relayers, based on addresses that have conducted MsgRecvPacket transactions before January 1, 2023.

Tonight, a certain security company will launch TIA. What will the price be? Can I buy it?

First of all, TIA valuation, how much is the price of a coin after it goes online?

Many people look at $5 or $10 at every turn, but I don’t think there are many modular blockchain projects similar to Celestia on the market right now.

Although Sei and TIA both belong to the COSMOS ecosystem and are L1 chains, Celestia performs better than Sei in terms of team strength and project substitutability.

Although Sei raised more funds, a large part of the funds came from BitGe and Forsight, so I would give TIA a higher valuation than Sei. The VC valuation when it raised funds was 1 billion, and generally speaking, the listing valuation cannot reach the financing valuation.

Combined with Sei's circulation, MC, FDV, and TIA's average over-the-counter acquisition price of about $2, and the average VC cost of about $0.3, the valuation I gave before was $1-3, which is a circulation market value of 250 million to 750 million. At that time, the market was relatively sluggish and BTC had not rebounded. At this time, the market stabilized and market sentiment returned. Correspondingly, the valuation was increased online. Finally, I think the price of TIA should be between 2-4.

TIA has driven the rise of a series of coins in the Cosmos ecosystem

ATOM broke through the downward trend line, and then pulled up due to the positive news, but it is not known how long it will last. If it falls back to the horizontal support, you can try to add some positions.

In addition, many development teams that entered the Cosmos ecosystem in 2021 are now releasing projects one after another, so we can look forward to the recovery of the Cosmos ecosystem.

At what price can TIA be charged?

TIA is very popular on the entire network. Exchanges will start to list it today. The total amount is 1 billion. According to official documents, 141 million are in circulation. The previous market interpretation was that 267 million are in circulation.

Celestia's initial $tia circulation is not Public Allocation 20% + R&D & Ecosystem 26.8% * 25% = 267 million. It should be noted that Future initiatives in Public Allocation account for 12.6% of the initial $tia, which will be unlocked at the opening but will not be circulated. Therefore, the number of $tia in circulation is 7400 + 6700 = 141 million.

In addition, TIA tokens are still trading over the counter at $2.5, while the cost of the last private placement was $1 and unlocked after one year.

According to the reference price we gave before, there are 267 million coins, which is about 3 dollars. If there are only 140 million coins in circulation, then the price may be around 5 dollars or even higher. Considering the current market heat and market sentiment, it may not be possible to open lower. If you want to trade, I think if the opening price is high, you don’t have to worry, just wait for the market to stabilize before making a judgment.

Everyone, please move your hands and pay attention~

Thank you for your support, see you next time!