Guardians Of The Galaxy Vol 2: 35 Easter Eggs & References You Must See
4. Post-Credits #2: The Reformed Guardians 3000 (And Krugarr)
The second mid-credits scene is a follow-up to Yondu's emotional funeral as the various Ravager factions show up to herald their fallen comrade in a mark of honour. As part of that, there are cameos by Michelle Yeoh and Ving Rhames whose names aren't spoken at this point.
The second mid-credits reveals those two in a meeting with Stallone's Stakar, Michael Rosenbaum's Martinex and red, magic wielding alien Krugarr. There's also a vocal cameo by Miley Cyrus as Mainframe, which reveals the team to be the original Guardians 3000 members Starhawk (Stallone), Martinex (Rosenbaum), Charlie-27 (Rhames), Aleta (Yeoh), and Mainframe (Cyrus).
Like the Guardians, Krugarr is from an alternate future and is a member of a snake-like race, and becomes Doctor Strange's apprentice in the comics, before succeeding him as the Sorceror Supreme (hence why he's seen doing the same kind of magic introduced in Scott Derrickson's movie).