MilkyWay Raises $5 Million in Seed Round
MilkyWay, a Celestia liquid staking protocol, recently secured $5 million in a seed funding round. Binance Labs and Polychain Capital co-led the investment, with other participants including Hack VC, Crypto.com Capital, and LongHash Ventures. This funding round was initiated in December and finalized a month ago, structured as a simple agreement for future equity (SAFE) along with token warrants for the co-lead investors. Additionally, participating investors received a simple agreement for future tokens (SAFT). The valuation of MilkyWay remains undisclosed for now.
The Investors Behind MilkyWay
- Binance Labs and Polychain Capital co-led the seed funding round for MilkyWay.
- Other investors included Hack VC, Crypto.com Capital, and LongHash Ventures.
- Binance Labs aims to support MilkyWay in becoming a leading liquid staking protocol in the blockchain ecosystem.
Notable Investments by Binance Labs
- Binance Labs has been actively investing in staking and restaking projects.
- Some of the projects Binance Labs recently backed include Babylon, Renzo, Puffer Finance, and StakeStone.
- This indicates Binance Labs’ strong interest in the evolving staking sector.
Understanding MilkyWay
MilkyWay stands as the first Celestia liquid staking protocol, distinguishing itself from competitors like Stride. The platform’s intricate architectural design sets it apart, operating as a smart contract on Osmosis. This contrasts with Stride, which operates on its Layer 1 blockchain. MilkyWay’s design boasts simplicity and efficiency, minimizing operational and technical complexities.
Comparing MilkyWay with Stride
- MilkyWay focuses exclusively on Celestia (TIA) token liquid staking.
- In contrast, Stride supports multiple tokens for liquid staking, including TIA, Cosmos Hub (ATOM), dYdX (DYDX), Injective (INJ), and Juno (JUNO).
- Despite Stride’s higher total value locked, MilkyWay retains competitive TVL figures.
According to DeFiLlama data, Stride holds a greater TVL compared to MilkyWay but shines less brightly in TIA-specific TVL. MilkyWay’s TVL currently stands at $24 million, while Stride’s TIA TVL reaches around $28 million.
MilkyWay’s Token Launch and Airdrop
In the pipeline for MilkyWay is the launch of its proprietary token and an airdrop initiative. The MILK token’s total supply remains undisclosed, with plans to introduce the token in the second or third quarter. MilkyWay currently runs the mPoints program, setting the stage for the forthcoming “Massive airdrop” or “MassDrop” event.
MilkyWay’s Expansion Plans: Initia Ecosystem
Looking beyond Celestia, MilkyWay eyes expansion into the broader modular ecosystem, with a specific interest in the Initia protocol. The upcoming launch of Initia’s mainnet in Q2 has piqued MilkyWay’s interest. Additionally, MilkyWay is developing a rollup solution within the Initia ecosystem to enhance transaction speeds and scalability, expecting to launch testnet and mainnet in the near future.
MilkyWay’s Growth Trajectory
- MilkyWay plans to expand its team following the successful seed funding round.
- The platform currently employs around ten individuals, with plans to recruit more soon.
- The fresh funding injection will fuel MilkyWay’s growth and development efforts.
Hot Take: MilkyWay’s Stellar Rise in the Liquid Staking Space
As MilkyWay secures $5 million in seed funding and continues its journey towards becoming a premier liquid staking protocol, the platform’s unique offerings and strategic investments position it as a key player in the evolving blockchain ecosystem. Stay tuned for MilkyWay’s token launch, airdrop activities, and expansion into the Initia ecosystem, shaping the future of liquid staking and blockchain scalability. Embrace the MilkyWay experience as it navigates through the stars of innovation and growth in the crypto space.
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