Celestia staking protocol MilkyWay completes $5 million financing, led by Binance Labs and Polychain Capital.

ChainCatcher news, according to The Block, the Celestia ecosystem's liquid staking protocol MilkyWay has completed a $5 million financing round, led by Binance Labs and Polychain Capital, with participation from Hack VC, Crypto.com Capital, and LongHash Ventures. It is reported that the financing structure consists of a Simple Agreement for Future Equity (SAFE) and token warrants for the lead investors, as well as a Simple Agreement for Future Tokens (SAFT) for the participating investors.

Additionally, the Web3 asset data platform RootData shows that MilkyWay is a liquid staking solution within the Celestia ecosystem, initially deployed and operated on Osmosis, with a long-term plan to migrate to Celestia's rollkit for native milkTIA issuance. When users stake TIA tokens on MilkyWay, they receive an on-chain representation of their TIA staking status, called milkTIA. This allows Celestia token holders to gain liquidity on their staked assets, enabling them to trade or use them as collateral for various DeFi products.