Milky Way Secures $5 Million in Seed Funding Round Co-Led by Binance Labs
Liquid Staking Protocol Attracts Investment for Continued Growth
MilkyWay, a recently launched liquid staking protocol for the Celestia modular blockchain network, has successfully concluded its seed funding round. The round, which co-led by industry giants Binance Labs and Polychain Capital, secured millions of dollars for MilkyWay's ongoing development.
Launched in December 2023, MilkyWay has quickly gained traction within the crypto community. By acting as the first liquid staking protocol for Celestia, MilkyWay empowers users to participate in securing the network while maintaining liquidity for their staked assets. This functionality has attracted over 150,000 users to the platform in just a few months.
The funds raised in the seed funding round will be used to fuel MilkyWay's expansion goals. Specific details on how the capital will be allocated haven't been disclosed, but it's likely to be directed towards development, marketing, and potentially further integrations with decentralized finance (DeFi) applications.
MilkyWay's integration with DeFi is another noteworthy aspect of the project. The protocol's LST token and milkTIA derivative are already compatible with over ten DeFi applications, showcasing the team's commitment to fostering a vibrant ecosystem around liquid staking on Celestia.
With Binance Labs and Polychain Capital backing MilkyWay, the project is well-positioned for continued growth in the burgeoning field of liquid staking solutions.