Celestia co-founder Mustafa Al-Bassam said that the team was committed and financially equipped to resist the storm despite climbing the accusations of misconduct, initiate and community distrust.
“Despite the Fud (which becomes more and more ridiculous day by day), all the founders of Celestia, the first employees and basic engineers are still there and work as hard as when Celestia started 5 years ago,” wrote Al-Bassam in an article on Monday on X.
Al-Bassam said that major token titles were normal from the industry. He added that Celestia (TIA) has a high long -term viability, citing a “100 million dollars war chest and a track of 6 and over”.
The comments follow growing criticism from the holders of tokens and independent researchers who allege that the Celestia team and the initiates have released large quantities of TIA tokens while retail investors brought the weight of the draw to 95% of the token.
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Introductory profit and misconduct
Al-Bassam’s message probably came in response to a scathing x thread by starting the anthropologist. The position, which attracted more than 200,000 views, accused the Celestia team of coordinated financial misconduct.
“The whole C-Suite unlocked at the beginning of October 24 … Mustafa sold 25 m and more in OTC, moved to Dubai,” said the position. The thread also said that prominent figures had been paid to promote the TIA token while employees are quietly relaxing.
Another X user, Shrutebuck, criticized the moment of unlocking. “They rewarded their first investors and themselves to the detriment of retail, then they cry over the chronology on the” ridiculous fud “when the token is 98%.”
The criticisms also targeted the unlocking calendar of the Celestia tokens. “Why do you have an unlocking of token that lasts 3/4 years?” asked for another user x. “I believe in $ ETH something else … but I don’t believe in those who unlock my whole supply in 3 years.”
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Celestia’s market strategy under control
Celestia’s criticism is not new. In May, the investor Larry Sukernik described Celestia as an edifying history by trying the traction by the gross market market by narration and marketing. He argued that appchains and vertical integration only succeed with loyal user bases, which Celestia can miss on a large scale.
“The problem was that there are not enough applications with PMF [product-market fit] Who are motivated to integrate vertically, “wrote Sukernik, pointing to a bad timing in the planted push of Celestia.
At the time, Al-Bassam replied by saying that Celestia had been launched before the Rollups became central to the blockchain scaling, and therefore the team could not have anticipated the increasingly large “Rollup complex”.
He defended the relevance of the project, citing more than 30 Rollups deployed on Celestia and claiming that it controls around 50% of the data availability debit market (DA). “We are essentially the default solution for Alt-Da these days,” he wrote.
Despite this, Sukernik wondered if Celestia had jumped prematurely in the DA space, given the still emerging request of the Rollups. He noted that although Celestia has market share, it may not result in real economic traction.
At the time of publication, Celestia TIA is negotiated at $ 1.61, up 14% in the last day. However, the token is down more than 92% compared to its $ 20.91 summit, scored in June from last year.
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