Milkyway has raised $5 million in seed rounds

Though the recent difficult times resulted in lowering funds to the blockchain, Web3, and related technologies, there has been a boost in investments recently. In an official announcement, the liquid staking protocol for Celestia, Milkyway has raised a whopping amount of $5 million in a fundraiser. The announcement said that it would be used for the realization of the future plans of the company. 

Milkyway staking hub

Asset staking has continued to evolve and one of the recent additions is Milkyway which has served as a staking protocol. Users can stake Celestia tokens on Celestia protocol while they will receive milkTIA tokens in return. It is an efficient and innovative option for staking assets in comparison to the traditional options. 

Milkyway is backed by Binance Labs, Polychain, and HackVC. The users can participate in staking of tokens which will allow participation in DeFi activities. The innovative approach ensures that there is increased flexibility, access to liquidity, and promotion of cryptocurrencies. 

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Milkyway staking hub has continued to attract investors and the recent round of fundraising has been a big step. The seed round has added to the investments from big names like Polychain, Binance Labs, and others amounting to $5 million.    

Fundraiser for seed rounds

The official announcement regarding the successful completion of the seed round came from Milyway on 30 April 2024. The statement said that there has been a successful end to the seed round with the participation of big names. These included Binance Labs, HackVC, Polychain, Longhash Ventures, Crypto.com Capital, etc. 

Furthermore, there was the backing of Mustafa Al-Bassam, George Lambeth, Batuhan Dasgin, Kenny Li, etc. The announcement said that the capital raise has been crucial to the continuation of the mission forward. These funds will be used to expand, and cover operational expenses, and the additional development of the modular ecosystem. 

The stated aim of Milkyway has been to further the use of the modular ecosystem and its growth. It has worked on this mission by adding to the application of modular liquidity. It was founded in December 2023 and is a modular blockchain that has been engineered for the optimization of Data Availability (DA). 

Celestia ensures that data storage remains secure and efficient through the segregation of consensus and data availability. 

Furthermore, it has reduced gas fees for the utilization of DA. Milkyway was planned to provide the option to stake TIA on Celestia without losing liquidity. Thus, it ensures economic security as well as use in the DeFi platforms. It is useful for modular enthusiasts in the crypto space.
The progress of the Milkyway has been impressive as it serves more than 156,000+ milkTIA holders. While the number of TIA tokens staked exceeds 2.6 million. As it has been created on the Cosmos ecosystem, it has been integrated with more than ten DeFi systems.   

Future Plans

As said earlier, the funds raised will be used to realize future plans. These have been stated as Milkyway plans to add to the value of modular staking by bringing improvements to it. The ecosystem has plans to collaborate with Initia in order to improve modular security. It also plans to use milkTIA for the security of L1. 

Furthermore, they have plans to introduce rollup in collaboration with Initia. The mentioned ecosystem has also plans to launch its token MILK later this year. 

Conclusion

Modular staking ecosystem Milkyway has raised a whopping amount of $5 million in the seed round. The mentioned funds will be used for different purposes which include security, promotion of modular staking, etc. The ecosystem is working in collaboration with big names like Binance Labs and Polychain to bring a meaningful change.