The liquid staking protocol known as MilkyWay, operating within Celestia ecosystem, has successfully secured $5 million in funding from various investors, led by Binance Labs and including Polychain Capital, Hack VC, Crypto.com Capital, and LongHash Ventures. The financing round concluded approximately a month ago.
Binance Labs has expressed its commitment to assisting MilkyWay in becoming the premier liquid staking protocol within Celestia's blockchain ecosystem. MilkyWay was launched in December and is in direct competition with Stride, the other liquid staking protocol within the network. MilkyWay's distinctiveness lies in its compatibility with Celestia's modular structure as compared to Stride.
While Stride supports multiple tokens for liquid staking, MilkyWay focuses solely on Celestia's native token, TIA. For the upcoming token launch and Airdrop, MilkyWay has introduced a points program called mPoints. The MILK token is set to be launched either by the end of the second quarter or the beginning of the third quarter, with a planned allocation of at least 10% of the total supply to mPoint holders.
MilkyWay has intentions of extending beyond the Celestia ecosystem to the Initia ecosystem, which is scheduled to release its mainnet in the second quarter. The project aims to introduce a rollup within the Initia ecosystem, incorporating a full-fledged Cosmos SDK blockchain via optimistic rollup technology.
The recent funding acquired by MilkyWay paves the way for expanded operations and development, including the recruitment of additional team members to facilitate the growth of the project.
(Note: This response does not constitute investment advice.)
