MilkyWay, the liquid staking protocol for Celestia's modular ecosystem, recently closed a $5 million funding round. Led by Binance Labs and Polychain Capital, the round saw the participation of leading investors in the crypto landscape, including HackVC, Longhash Ventures, Crypto.com Capital, Mustafa Al-Bassam (CEO of Celestia) and George Lambeth.
This influx of capital represents a significant step forward for MilkyWay, which already boasts a base of 150k users and is positioned as the first liquid staking protocol of its kind in the Celestia ecosystem. The funds will be used for:
- Enhance project development: This includes improving existing features, researching and developing new solutions, and expanding the theme.
- Launch a new governance token: called MILK, the token is expected to be distributed by the end of 2024 and will give holders the power to influence the future of the protocol.
- Promote modular security: MILK will be used to protect both Celestia's L1 network and the rollups connected to it.
Binance Labs' interest is not limited to MilkyWay alone, but extends to the entire Celestia ecosystem. As underlined by Yi He, co-founder of Binance, the goal is to encourage the enrichment of this crypto ecosystem.
MilkyWay is positioned as a key enabler of Celestia's future, offering users a simple and secure way to stake their tokens and earn passive returns. The support of Binance Labs and Polychain Capital, combined with MilkyWay's expert team, lays the foundation for a solid and innovation-rich future for the protocol.
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