The decentralized exchange platform MilkyWay announced a liquid staking protocol for the Celestia ecosystem. The protocol will enable users to stake their Celestia (TIA) tokens and receive milkTIA, a token representing the assets they have staked. This move aims to offer users a more capital-efficient option compared to the traditional staking process.
Noteworthy Developments in the Process
Celestia was launched as a modular network that Layer-2 rollup blockchain ecosystems can use for data availability and consensus. Celestia was introduced to users on the mainnet within the Cosmos ecosystem at the end of October. The TIA token is used by validators to stake for the purpose of securing the network.
MilkTIA will allow users to maintain liquidity while representing their staked TIA assets. Users can exchange these assets in various decentralized finance (DeFi) products or use them as collateral. This arrangement will eliminate the need for the common 21-day lock-up period prevalent in Cosmos-based blockchain networks.
MilkyWay operates without the need for a dedicated Layer-1 blockchain ecosystem. The protocol was designed using smart contracts on Osmosis, which serves as a DeFi hub for the Cosmos ecosystem, to provide a liquid staking solution.
This initiative involves a multisig setup on Osmosis, managed by a consortium consisting of seven major platforms including Everstake, Chorus One, Allnodes, 01node, DSRV, Keplr, and Cosmostation. The introduction of MilkyWay will also include a TIA: milkTIA liquidity pool on Osmosis’s decentralized exchange.
TIA Price Experiences a Rally
According to data from Tradingview, since the mainnet launch on October 31, TIA’s market value has gained approximately 400% in value, with the token trading above $144.88 from an initial price of $2.50 at launch. At the time of writing, TIA was trading at $12.34.
Before the recent surge in the crypto market, TIA was introduced, especially with an airdrop event that enabled many Web3 users to make significant gains. The fact that these criteria covered both the Cosmos ecosystem and the Ethereum ecosystem garnered praise from many experts. The rapid momentum gained by the TIA price following a successful token launch was unexpected by many users.