MilkyWay, a Liquid Staking protocol on the Celestia (TIA) modular blockchain, has raised $5 million in a seed Capital round co-led by Binance Labs and Polychain Capital .
Other funds participating in the Capital round include Hack VC, Crypto.com Capital, LongHash Ventures and prominent angel investors such as Mustafa Al-Bassam (co-founder of Celestia), Stan (co-founder of Initia) , YQ (founder of AltLayer), Rushi (co-founder of Movement), Kenny Li (co-founder of Manta Network).
We've invested in @milky_way_zone
— Binance Labs Fund (@BinanceLabs) April 30, 2024
MilkyWay is a Liquid Staking protocol tailored for Celestia's modular blockchain ecosystem.
Read more👇 https://t.co/T25WhskptB
MilkyWay aims to become the leading modular LP for Celestia-based rollups on DA data availability by unlocking the liquidation, composability, and utility of the TIA token to increase Capital efficiency for token holders”.
Yi He, Co-Founder of Binance and Director of Binance Labs, said:
“We support the enrichment of the Celestia ecosystem within the Binance Labs portfolio, and this investment will support an innovation project that drives use cases within the Celestia ecosystem. We look forward to MilkyWay's growth and development in the modular data availability space.”
Founded by a team of engineers and builders from Tendermint, Osmosis, Cosmostation, Oak Security and Composable Finance, MilkyWay grows to serve over 156,000 milkTIA holders and has over 2.6 million TIA Token Stake as of upon establishment.
MilkyWay has seamlessly integrated over ten DeFi protocols to deliver a comprehensive user experience that includes trading, leveraging, borrowing, and lending operations, helping users earn additional profits beyond the original rewards from Stake go online.
JayB, Founder and CEO at MilkyWay said :
“MilkyWay is a Liquid Staking protocol designed specifically for a modular ecosystem. Our goal is to build the most secure and robust Modular Liquid Staking protocol, while continuously innovating to expand the protocol's capabilities within the modular ecosystem through cutting-edge technology. We are honored and excited to receive the support of Binance Labs in realizing this vision.”
MilkyWay launched in December 2023, said to be the pioneering Liquid Staking protocol in a modular ecosystem, serving more than 150,000 users. MilkyWay's LST is milkTIA, which is integrated into more than 10 DeFi applications across the ecosystem. Currently, MilkyWay is developing a rollup that will Vai as a foundational layer, allowing LST milkTIA to provide enhanced security services throughout the modular ecosystem.”
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According to data from defillama , MilkyWay's TVL is around $24 million and the TVL for Stride's TIA (MilkyWay's top competitor) is around $28 million.
VIC Crypto compiled
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