London, United Kingdom
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.
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, said,
“Binance Labs is committed to supporting DeFi projects and founders driving innovation for the future of the Web 3.0 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.
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.”
About Helio Protocol
Helio Protocol combines…
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