• Binance Labs has committed $10 million to Helio Protocol, a project combining over-collateralized lending of its native decentralized stablecoin HAY.
• The investment emphasizes Binance Labs’ dedication to supporting innovative projects that are set to shape the next era of DeFi.
• Helio Protocol will allocate the funds to expand its team, diversify the collateral across liquid staking providers and bolster support for future multi-chain growth.
Binance Labs Commits $10 Million To Helio Protocol
Binance Labs – the venture capital and incubation arm of Binance – has committed $10 million to Helio Protocol – a project combining over-collateralized lending of its native decentralized stablecoin, HAY, with SaaS (staking-as-a-service) and LSDfi infrastructure – with approximately combined $300 million in TVL, of which $260 million is parked under staked assets. This strategic funding round emphasizes Binance Labs’ dedication to supporting innovative projects that are set to shape the next era of DeFi.
Acquisition Of Synclub
In July 2023, Helio Protocol acquired Synclub to unleash the full potential of HAY by incorporating additional LSTs as collateral – thus empowering users by increasing capital efficiency for maximum rewards. The addition of Synclub’s staking infrastructure and expertise will also further cultivate the product innovation required to secure a safer and more refined staking experience for users. The upgrade brings a variety of product revamps, including new collateral conversion and withdrawal opportunities.
Unlocking Potential Of Liquid Staking Tokens
Helio Protocol will allocate the funds to expand its team, further diversify the collateral across liquid staking providers and bolster support for future multi-chain growth. These initiatives will ensure that Helio and Synclub deliver a robust, secure and diversified platform for the LSDfi community. The team is also set to release a development roadmap for the community and refresh the project’s branding to signal this new chapter of growth and innovation.
Yi He’s Statement On Investment
Yi He, co-founder of Binance and head of Binance Labs said “Binance Labs is committed to supporting DeFi projects and founders driving innovation for the future of Web 3.0 industry”. She added that they have seen tremendous potential in LSDfi sector which plays crucial role in driving overall growth in DeFi ecosystem.
Toru’s Statement On Investment
Toru, founder & CEO at Helio Protocol said “Our mission is provide community access quality high security LSDfi infrastructure helping users enhance capital efficiency & rewards on chain assets in secure space”. This investment will bring critical resources & connections required building sustainable solutions & products needed advancing open finance landscape