$10 Million Committed to Helio Protocol By Binance Labs to Advance the LSDfi Revolution

$10 Million Committed to Helio Protocol By Binance Labs to Advance the LSDfi Revolution
фото показано с : zycrypto.com

2023-8-12 22:42

Helio Protocol is a project that combines over-collateralized lending of its native decentralized stablecoin, HAY, with staking-as-a-service (StaaS) and LSDfi infrastructure, with approximately combined 300 million USD in TVL, of which 260 million USD is parked under staked assets. Binance Labs, the venture capital and incubation arm of Binance, has committed 10 million USD to Helio Protocol. Binance Labs’ participation in this strategic fundraising round demonstrates the company’s commitment to backing ground-breaking initiatives that will impact the future of DeFi.

By acquiring Synclub in July 2023, Helio Protocol realised HAY’s full potential by using more LSTs as collateral, giving users more outstanding agency and enabling them to reap greater financial gains. Synclub’s staking infrastructure and knowledge will help foster product innovation, making staking for users more secure and polished. The update introduces numerous product enhancements, such as expanded collateral conversion and withdrawal options.

Yi He, Co-Founder of Binance and Head of Binance Labs, commented: “Binance Labs is committed to supporting DeFi projects and founders driving innovation for the future of the Web3 industry. We have seen tremendous potential in the LSDfi sector, which plays a crucial role in driving the overall growth of the DeFi ecosystem. We look forward to working with Helio and Synclub and hope to see the project grow as a leading LSDfi protocol on BNB Chain and other blockchains.”

Tokens for Liquid Staking: Realizing Their Full Potential

Helio Protocol plans to use the funds to hire more people, spread the collateral out among more liquid staking providers, and improve infrastructure in preparation for multi-chain development. These steps will guarantee that the Helio and Synclub platforms are stable, protected, and versatile for the LSDfi user base. To mark this period of expansion and innovation, the team will also update the project’s identity and provide a development roadmap for the community.

Toru, Founder and CEO of Helio Protocol, said: “Our mission is to provide the community with access to a quality, high-security LSDfi infrastructure, helping users enhance the capital efficiency and the rewards of their on-chain assets in a secure space. This investment will also bring critical resources and connections to Helio to drive further growth.”

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million usd lsdfi helio protocol assets approximately

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