TechFlow reports, citing CoinDesk and X user Milkyway, that Milkyway will launch MilkyWay, a liquid staking derivatives protocol for Celestia, on Osmosis, a Cosmos-based DEX. The V1 version is set to launch in Q4 2023. Following its deployment on Osmosis, users will be able to liquid-stake their TIA tokens to receive stTIA, avoiding the long unbonding periods typically associated with staking TIA. The stTIA token can be used for DEX liquidity provision, lending, staking derivatives, perpetual trading, and more. A 10% protocol fee will be levied on staking rewards generated by stTIA holders. The MilkyWay DAO will be fully governed by the native MILK token and oversee the protocol. Ultimately, MilkyWay plans to migrate liquidity issuance by bridging assets from the Osmosis chain to Celestia via Rollkit.
The MilkyWay team includes members from Tendermint, Osmosis, Cosmostation, Crescent, Oak Security, Composable Finance, and Crypto.com. Additionally, Milkyway will onboard nine trusted validator nodes, including Stake.fish, Everstake, Chorus One, Allnodes, 01node, DSRV, Cosmostation, Hex Trust, and Keplr.
