Celestia liquid staking protocol MilkyWay has raised $5 million in a seed round co-led by Binance Labs and Polychain Capital.
MilkyWay, a Celestia liquid staking protocol, has raised $5 million in a seed round co-led by Binance Labs and Polychain Capital, MilkyWay co-founder and CEO JayB Kim told The Block.
Binance Labs, the $10 billion venture capital and incubation arm of crypto exchange Binance, continues to bet big on the staking and restaking verticals. It has recently invested in several such startups, including Babylon, Renzo, Puffer Finance and StakeStone. MilkyWay is the first Celestia liquid staking protocol that was launched last December. Its only rival currently is Stride.
Given its broad focus, Stride has more total value locked than MilkyWay at around $135 million, but its TIA-specifc TVL is only slightly higher than MilkyWay's, according to DeFiLlama data. MilkyWay's TVL is around $24 million, and Stride's TIA TVL is around $28 million, per the data.
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