TL;DR
- MilkyWay, a liquid staking protocol in the Celestia ecosystem, has successfully raised $5 million in a seed funding round led by Binance Labs and Polychain Capital.
- The funds will be used to expand MilkyWay’s team, cover operational expenses, and boost the modular ecosystem. The protocol aims to grow the modular ecosystem by amplifying the applications of modular liquidity.
- MilkyWay plans to broaden its reach beyond the Celestia ecosystem, specifically targeting the Initia ecosystem, which will launch its mainnet in the second quarter. The forthcoming MILK token is projected to debut at the close of Q2 or the onset of Q3.
MilkyWay, a liquid crypto-staking protocol operating in the Celestia ecosystem, has successfully raised $5 million in a seed funding round. Binance Labs and Polychain Capital led the round.
Launched in December 2023, MilkyWay has been making waves in the decentralized finance (DeFi) applications sector. The protocol aims to grow the modular ecosystem by amplifying the applications of modular liquidity.
The funding round attracted participation from various investors, including Hack VC, Crypto.com Capital, and LongHash Ventures. Notable angel investors also participated, such as Celestia co-founder and CEO Mustafa Al-Bassam, Initia co-founder Batuhan Dasgin, and Manta’s Kenny Li.
The funds will be used to expand MilkyWay’s team, cover operational expenses, and crucially, boost the modular ecosystem. “Our goal is to grow the modular ecosystem by amplifying the applications of modular liquidity,” the protocol said in an announcement.
The Role of Binance Labs in MilkyWay’s Growth
Binance Labs has affirmed its dedication to aiding MilkyWay in its journey to become the foremost liquid staking protocol within the modular blockchain ecosystem of Celestia. Binance co-founder and head of Binance Labs, Yi He, commented:
“We are supportive of Labs’ portfolio Celestia’s ecosystem enrichment and this Binance Labs investment supports an innovative project propelling use cases within the Celestia ecosystem. We look forward to MilkyWay’s growth and development within the modularity data availability space.”
The forthcoming MILK token is projected to debut either at the close of Q2 or the onset of Q3, with a minimum of 10% of the entire supply earmarked for mPoint holders. In the future, MilkyWay has set its sights on broadening its reach beyond the Celestia ecosystem, focusing on the Initia ecosystem, which is slated to launch its mainnet in Q2.
MilkyWay’s ambition is to provide a roll-up within the Initia ecosystem that encompasses a comprehensive Cosmos SDK blockchain, deployed through optimistic roll-up technology. With the recent influx of funding, MilkyWay is poised for further growth and expansion and plans to augment its team to bolster its upward trajectory.
While MilkyWay’s primary focus is on the Celestia token (TIA) for liquid staking, it plans to expand beyond the Celestia ecosystem, specifically targeting the Initia ecosystem, which will launch its mainnet in the second quarter. With the recent funding, MilkyWay is looking forward to broadening its horizons and advancing its development.
