Celestia Prepares for Long Term Despite Token Drop

The TIA token of Celestia recently fell to an all-time low of $1.32, marking a 93% decrease from its peak last year. This decline happened amidst unverified claims of insider trading after a major token unlock, valued at around $1 billion. Accusations centered on purported over-the-counter sales and social media promotions. Co-founder Mustafa Al-Bassam denied the rumors and emphasized the project's financial stability and the team's commitment to long-term objectives, highlighting a $100 million reserve and six-year operational runway. Co-founder John Adler proposed adopting a proof-of-governance model to address concerns about the existing proof-of-stake system, which has been criticized for inflating TIA supply. The proposal suggests reducing new token issuance from 5% to 0.25% and maintaining security without the need for complex staking. Responses from the community have been positive, and a formal vote on the proposal is expected. On a market upswing, TIA saw a 12% rise, reaching $1.59.