MilkyWay rolls out Celestia liquid staking protocol on Osmosis
Quick Take
- MilkyWay released the first liquid staking protocol for the Celestia network.
- It includes milkTIA tokens, representing staked TIA positions.
MilkyWay has introduced a liquid staking protocol for Celestia TIA -3.085% .
The protocol enables users to stake Celestia (TIA) tokens and receive milkTIA in return — a token representing their staked assets. This method presents a more capital-efficient option compared to the conventional staking process.
Celestia is a modular network that Layer 2 rollup blockchains can utilize for data availability and consensus. It launched on mainnet in the Cosmos ecosystem at the end of October. The TIA token is used by validators for staking to secure the network.
MilkTIA represents the staked TIA assets while preserving their liquidity. Users can trade or use these assets as collateral across various decentralized finance (DeFi) products. This arrangement bypasses the typical 21-day unbonding period common in Cosmos-based blockchains.
MilkyWay operates without relying on a dedicated Layer 1 blockchain. For the liquid staking solution, it employed smart contracts on Osmosis, which serves as the DeFi hub for the Cosmos ecosystem.
The solution utilizes a multisig setup on Osmosis, managed by a consortium of seven reputable operators, including Everstake, Chorus One, Allnodes, 01node, DSRV, Keplr and Cosmostation.
The initial phase of MilkyWay’s rollout also includes a TIA:milkTIA liquidity pool available on Osmosis' decentralized exchange.
Since the mainnet release on Oct. 31, TIA's market value has appreciated by nearly 400%, rising from $2.50 to more than $11.50, according to The Block's price page.
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