Liquidity staking protocol MilkyWay completes $5 million seed round, led by Binance Labs and Polychain Capital

PANews reported on April 30 that according to The Block, the Celestia ecosystem liquidity pledge agreement MilkyWay completed a $5 million seed round of financing, led by Binance Labs and Polychain Capital, with participation from Hack VC, Crypto.com Capital and LongHash Ventures. MilkyWay co-founder and CEO JayB Kim said MilkyWay started this round of financing in December last year and closed it about a month ago. The structure of this round of financing is a simple agreement for future equity (SAFE) and token warrants for the joint lead investors, and a simple agreement for future tokens (SAFT) for participating investors. He declined to comment on the valuation. It is reported that MilkyWay is the first Celestia ecosystem liquidity pledge agreement launched in December last year, and its only competitor is Stride. MilkyWay is also "tailor-made for modular ecosystems", although it currently only focuses on Celestia (TIA) token liquidity pledge. Data shows that MilkyWay's TVL is about $24 million. MilkyWay also plans to launch its own tokens and airdrop in the coming months. MilkyWay currently runs a points program called mPoints. MilkyWay said in February that it would then conduct an airdrop called a "massive airdrop," or "MassDrop," to distribute at least 10% of the total supply of MILK tokens to mPoint holders. Kim said the total supply of MILK tokens will be announced later, but added that the token is expected to be launched in the late second quarter or early third quarter.