Binance Labs Commits 10 Million USD to Helio Protocol to Advance the LSDfi Revolution

2023-8-15 18:00

Binance Labs, the venture capital and incubation arm of Binance, has committed 10 Million USD to Helio Protocol, a project combining 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.

This strategic funding round emphasizes Binance Labs’ dedication to supporting innovative projects that are set to shape the next era of DeFi.

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. 

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.”

Unlocking the Complete 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.

“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,” said Toru, Founder and CEO of Helio Protocol. “This investment will also bring critical resources and connections to Helio to drive further growth.”

About Helio Protocol

Helio Protocol combines over-collateralized, decentralized stablecoin lending and borrowing on BNB Chain with multi-chain StaaS and LSDfi services through its Synclub offerings. Currently, Helio Protocol has achieved 11,000 HAY holders and an estimated 300 million USD in TVL, of which 260 million USD are assets under management on Synclub’s validator node, positioning Synclub as the second-largest validator on BNB Chain. 

For more information, follow Helio Protocol on Twitter. 

About Binance Labs

As the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over 9 billion USD. Its portfolio covers 200 projects from over 25 countries across six continents and has a return on investment rate of over 10X. Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on Twitter.

The post Binance Labs Commits 10 Million USD to Helio Protocol to Advance the LSDfi Revolution appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

CK USD (CKUSD) на Currencies.ru

$ 0.2153 (+0.52%)
Объем 24H $0
Изменеия 24h: 0.67 %, 7d: -2.33 %
Cегодня L: $0.2128 - H: $0.2153
Капитализация $0 Rank 3492
Доступно / Всего 0 CKUSD

usd million binance lsdfi protocol helio labs

usd million → Результатов: 126


That “Win 310 Bitcoin (BTC) Challenge” Puzzle Offer is Still Available: You Still Have A Shot, Here’s How

Have you ever heard of the 310 BTC Bitcoin Challenge? In case you are a skilled cryptographer, you will definitely be interested in the challenge. Basically, someone named “Pip” has stashed 310 BTC (about $2 million USD) in a picture and you can find and take it. The code for unlocking the four wallets in […]

2018-10-24 23:23


Binance CEO Appreciates Tron’s Justin Sun for $3 Million Donation to Blockchain Charity Foundation

The recent donation of $3 million dollars made by Tron founder, Justin Sun to support the Blockchain Charity Foundation has attracted a lot of appreciations. Binance CEO Changpeng Zhao,” CZ,” announced this in a tweet to show his appreciation; “Justin proactively approached us and made a very generous donation, $3m USD equivalent.

2018-10-23 13:58


Blockchain Business in Crypto Valley Has Doubled Since Last Year: Report

The number of blockchain-related companies in Switzerland and Liechtenstein has doubled in the last year, according to a new study published by CV VC. The Zug-based firm, in partnership with Strategy& (PwC’s global consulting arm) and inacta, compiled information about the top 50 blockchain and digital asset companies between the two countries.

2018-10-11 00:18


United Kingdom’s Ofcom Secures $1 Million to Use Blockchain for Storing Phone Numbers

UK Telecom Regulator Gets Almost $1 Million USD To Store Phone Number On The Blockchain Ofcom, a telecom and broadcasting operator working within the United Kingdom, has recently received the sum of $915 thousand USD as an incentive to explore the blockchain technology as a potential solution to the troubles that the UK is currently […]

2018-10-9 20:26


Фото:

Stackr: The Dawn of a Digital Asset Savings Solution - [BTC Media Sponsor]

Financial savings have long been the foundation of wealth and asset building. However, we are now in a time when the growing obsolescence of financial institutions has forced certain technologies out of date, created high fees, revealed structural inefficiencies and, ultimately, meant that some standard investment solutions now fail to place consumer needs first.

2018-10-6 16:37


Why Bitcoin (BTC)’s Price Is A False Indicator Of Actual Value

Chart for BTC/USD (1W) Bitcoin (BTC) is currently trading just above $6,400. The average cost for mining one Bitcoin (BTC) lies slightly below this level between $5,800 and $6,200. This is the reason the price has managed to stay above those levels for now despite the fact that the volume is so low that a couple of million dollars could swing the price either way.

2018-9-20 17:00