05 Dec 2023
Celestia – Good Tech or Good Narrative?Celestia’s TIA is positioned to benefit when ETH rallies vs. its competitors. A new coin with fundamental value at the centre of “Ethereum scaling”? Sounds like a narrative brewing!
- ETH has underperformed dramatically this year against its L1 competitors such as SOL and INJ, but markets such as SOL/ETH look ripe for a pullback
- While ETH is in the driver’s seat, Navigating Narratives speculates that Celestia’s TIA stands to benefit the most
- TIA is a “new coin” with fundamental value and a powerful narrative of helping L2s scale
- SOL and INJ are still our preferred exposure for L1 competitors, but SOL/ETH and INJ/ETH will not go up in a straight line. TIA provides exposure for those stretches where Ethereum is dominant
- A reasonable option for shorts comes in the form of those “Ethereum scaling” tokens that do not possess real fundamental value such as ARB and OP