Celestia Foundation will buy back all TIA from Polychain for $62.5 million and transfer it to new investors.
On July 24, Celestia Foundation officially announced a cooperation agreement with Polychain Capital to distribute all remaining TIA tokens held by Polychain to new investors. Specifically, this month, Celestia Foundation spent $62.5 million to buy back 43,451,616.09 TIA from Polychain Capital.
According to the plan, Polychain will soon release all the pledged TIA to complete the transaction. After receiving these TIA tokens, Celestia Foundation will implement a distribution plan with staggered unlocking to ensure neutrality in the organization's financial structure. The first unlocking period will start on August 16 and end on November 14 this year.
Celestia is the world's first modular blockchain platform, designed to separate the core functions of traditional blockchain - including transaction execution, consensus, and data availability - into separate layers. This helps developers easily deploy their own blockchain (rollups or appchains) without having to build an entire system from scratch like traditional monolithic blockchains such as Ethereum or Bitcoin.
