Celestia’s MilkyWay Airdrop: mPoints Followed by “MassDrop”
It will not be an ordinary airdrop but a massdrop.
This is what MilkyWay promised after securing $5 million from a seed round with investments from Polychain, Binance Labs, HackVC, Longhash Ventures, and Crypto.com Capital.
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Table of Contents
MilkyWay Introduction
MilkyWay (https://www.milkyway.zone/) is a liquid staking solution built on top of the Celestia network. However, the team said the protocol would initially be deployed and operated on Osmosis.
Users can stake their $TIA in MilkyWay and, in return, receive $milkTIA, which are liquid tokens, and earn staking rewards.
“This empowers Celestia token holders to access liquidity for their staked assets, enabling trading or their use as collateral in various DeFi products,” the developers explained.
“The long-term plan is to migrate to Celestia’s rollkit for native milkTIA issuance.”
It is a liquid staking protocol because stakers can stake $TIA without needing to lock it up for a specific period. $milkTIA can then be used in various DeFi applications, including lending and borrowing.
“Liquid staked TIA automatically compounds staking rewards, and users can withdraw their TIA to receive their native tokens and accrued staking rewards,” MilkyWay explained.
“Staking holds greater importance in Celestia than in other typical appchain ecosystems.”
The $MILK Token
The MilkyWay Protocol charges a 10% fee on all staking rewards generated by $milkTIA holders.
This fee will fund development, provide incentives to users and validators, act as insurance to compensate stakers in the event of slashing, and support the Celestia ecosystem, according to the team.
Meanwhile, $MILK is the native token of the MilkyWay Protocol. Because the fees are automatically charged to stakers, $MILK cannot be used as a utility token.
For the team, $MILK will serve as a governance token, allowing holders to vote on protocol changes, such as new features, fee structure, and treasury management.
$MILK holders will earn and receive a portion of the 10% fee charged on staking rewards.
“The MilkyWay Protocol is committed to being 100% governed by a decentralized autonomous organization (DAO). This means that the community will have full control over the protocol and its future,” the team promoted.
MilkyWay Airdrop Guide
According to the developers, MilkyWay’s airdrop campaign is to thank and appreciate its users. They call it a “massdrop” because at least 10% of the total supply of $MILK is earmarked for mPoint holders.
As of this writing, the tokenomics of $MILK are still unreleased.
The campaign will follow a points system called “mPoints,” which can be obtained by holding $milkTIA, using it in liquidity pools, or engaging in lending and borrowing.
To join:
- Step 1: Go to https://app.milkyway.zone/.
- Step 2: Connect a wallet. Accepted wallets are Keplr, Leap, Cosmostation, and XDefi.
- Step 3: Stake $TIA to receive $milkTIA.
- Step 4: Hold $milkTIA.
- Note: 1 $milkTIA = 1 mPoint per day
- Step 5: Use $milkTIA in dapps listed at https://app.milkyway.zone/discover.
- Step 6: Do tasks at https://zealy.io/cw/milkywayzone/questboard.
- Step 7: Refer more users using a unique referral code.
- Note: Both the referee and referrer will obtain mPoints multiplier of up to 22.5%
- Step 8: Monitor the mPoints collected at https://app.milkyway.zone/points?points-tab=leaderboard.
The MilkyWay team estimates the $MILK launch in the first half of 2024, while the massdrop might happen this quarter.
This article is published on BitPinas: Celestia’s MilkyWay Airdrop: mPoints Followed by “MassDrop”
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