Back in November, we approved a grant for the deployment of MilkyWay on Osmosis for a total of $120,000 in funding. We're thrilled to announce the grant today to conclude the OGP's 12 month term!
MilkyWay offers the first liquid staking solution for Celestia's native token, TIA, built on Osmosis. Since its launch earlier this week, MilkyWay has already garnered more than $3M in TIA deposits and generated around $400k in trading volume on Osmosis! We're excited to support the MilkyWay team to help cement Osmosis’ position as the most popular and liquid trading venue for the Celestia ecosystem.
As for what's next for the OGP, we've posted a renewal proposal for the program on the forums which goes into our future plans. We encourage everyone to take a look and share their thoughts!
MilkyWay
$120,000 (in OSMO)
JayB
$50,000 (in OSMO)
$50,000 (in OSMO)
$20,000 (in OSMO)
The OGP will provide a grant of $120k in OSMO to MilkWay for the development of their liquid staking protocol on Osmosis. In exchange for this grant, MilkyWay has agreed to the following terms: 1) MilkyWay will provide the Osmosis DAO (Community Pool) with MILK tokens worth $120k (100K + 20% premium) at the time they raise and the Community Pool will receive the full amount at launch, 2) 3% of MILK LP incentives will be exclusively reserved for Osmosis liquidity pools, 3) to avoid confusion with other liquid staking products, MilkyWay will not use "st" in their ticker for any of their liquid staking tokens, 4) MilkyWay will not launch on mainnet until after the completion of the Oak Security audit and resolution of all findings. The grant milestones are as follows: Milkyway mainnet launch on Osmosis (milestone 1), token generation event of Milkyway's native token, MILK (milestone 2).
MilkyWay is a liquid staking protocol tailored for the Celestia ecosystem built on Osmosis. When users stake their TIA coins with MilkyWay, they'll receive milkTIA, an onchain representation of their TIA staking position. This will enable Celestia token holders to unlock liquidity for their staked assets, creating an opportunity to optimize their capital by either providing liquidity to Osmosis pools or using them as collateral in various DeFi products. Since the MilkyWay protocol will live on Osmosis, it will significantly increase Osmosis TVL by capturing a large share of liquidity for TIA liquid staking, which will result in Osmosis acting as a liquidity hub for the Celestia ecosystem. What's more, the fact that the Osmosis DAO will have significant ownership in the MilkyWay protocol will allow Osmosis to have an important say on Celestia's economic decisions. Jay B Kim is a software engineer with a rich background in blockchain development, as he was previously the CTO of Cosmostation and an auditor for Oak Security. He's been actively involved in the Cosmos ecosystem for the few past years, dating back to even before the Cosmos Hub mainnet launch.
