MilkyWay Introduces Liquid Staking Protocol for Celestia (TIA)
MilkyWay has developed a liquid staking protocol for Celestia (TIA) that offers a more capital-efficient alternative to traditional staking. With this protocol, users can stake TIA tokens and receive milkTIA in return, which represents their staked assets.
Celestia: A Modular Network for Data Availability and Consensus
Celestia is a modular network that allows Layer 2 rollup blockchains to utilize its services for data availability and consensus. It was launched on the Cosmos ecosystem’s mainnet in late October. Validators use the TIA token for staking to secure the network.
Liquidity and Flexibility with MilkTIA
MilkTIA is a token that represents the staked TIA assets while maintaining their liquidity. Users can trade or use these assets as collateral in various decentralized finance (DeFi) products. This arrangement eliminates the typical 21-day unbonding period found in Cosmos-based blockchains.
MilkyWay’s Approach without a Dedicated Layer 1 Blockchain
MilkyWay operates without relying on a dedicated Layer 1 blockchain. Instead, it utilizes smart contracts on Osmosis, the DeFi hub for the Cosmos ecosystem. The liquid staking solution employs a multisig setup managed by a consortium of reputable operators, including Everstake, Chorus One, Allnodes, 01node, DSRV, Keplr, and Cosmostation.
TIA:milkTIA Liquidity Pool on Osmosis’ Decentralized Exchange
As part of its rollout, MilkyWay has introduced a TIA:milkTIA liquidity pool on Osmosis’ decentralized exchange. This provides users with a platform to trade and access liquidity for these tokens.
TIA’s Market Value and Growth
Since its mainnet release on October 31, the market value of TIA has increased by nearly 400%, surging from $2.50 to over $11.50, according to The Block’s price page.
Hot Take: MilkyWay Revolutionizes Staking with Liquid Protocol
MilkyWay’s introduction of a liquid staking protocol for Celestia (TIA) brings innovation to the staking process. By allowing users to receive milkTIA in return for staking TIA tokens, it offers a more capital-efficient option. This protocol also ensures liquidity for staked assets and bypasses the typical unbonding period seen in other blockchains. With MilkyWay operating on smart contracts via Osmosis, supported by reputable operators, users have access to a secure and flexible staking solution. The addition of a TIA:milkTIA liquidity pool on Osmosis’ decentralized exchange further enhances the trading and liquidity options for users. The significant growth in TIA’s market value since its release demonstrates the demand and potential of this innovative protocol.
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