April 30, 2024
MilkyWay, a liquid staking protocol for Celestia, has raised $5 million in its seed funding round. The round was led by Polychain and Binance Labs, with additional support from HackVC, Longhash Ventures, and Crypto.com Capital. Distinguished angel investors such as Mustafa Al-Bassam, George Lambeth, Batuhan Dasgin, Stan, YQ, Rushi, Kenny Li, and Michael Ng also participated in the funding.
Project | Latest Raise | Latest Raise | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
MilkyWay | April 30, 2024 | $5M | Seed | $5M | Polychain | Staking |
The funds will be used to expand MilkyWay's team, cover operational expenses, and advance the development of the modular ecosystem. Founded in December 2023, MilkyWay offers a liquid staking protocol for Celestia, a modular blockchain designed to optimize Data Availability (DA) for integrated rollups.
By segregating the consensus and data availability layers from execution, Celestia ensures secure and efficient data storage, allowing rollups to reduce gas fees significantly. MilkyWay enables users to stake their TIA tokens while retaining liquidity, enhancing the utility of TIA in various DeFi platforms.
Since its launch, MilkyWay has served over 156,000 milkTIA holders and has staked over 2.6 million TIA tokens. The company plans to use the new capital to drive innovation and community value creation efforts, including upcoming collaborations with Initia to bolster modular security and the introduction of its rollup in partnership with Initia. MilkyWay also plans to launch its governance and utility token, MILK, later this year.
About MilkyWay:
MilkyWay is dedicated to providing a liquid staking protocol for Celestia, enhancing the utility and liquidity of TIA tokens. The protocol has integrated with more than ten DeFi protocols, offering users a comprehensive experience that includes trading, leveraging, lending, and borrowing activities. MilkyWay's mission is to grow the modular ecosystem by amplifying the applications of modular liquidity and ensuring the seamless interoperability of assets across various blockchains.
Website: https://milkyway.zone/
Twitter Account: @milky_way_zone
Twitter Followers Today: 59,300
Twitter Followers 30 Days Ago: 52,597
Twitter Follower Change: 6,703 (+12.7%)
Investor Profile:
Investor: Polychain
Description: Polychain is a venture capital firm specializing in blockchain-based assets. The firm invests in projects that push the boundaries of blockchain technology and drive industry innovation.
Location: United States
Website: https://polychain.capital/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments