Binance Labs Invests $10M In Helio Protocol
Binance Labs, the venture capital and incubation arm of the renowned crypto exchange Binance, is investing $10 million in Helio Protocol. Helio Protocol is an ambitious project that combines over-collateralized lending of its native decentralized stablecoin, HAY, with staking-as-a-service (StaaS) and LSDfi infrastructure. The project has amassed a total value locked (TVL) of around $300 million, with staked assets contributing a significant portion of $260 million.
We’re excited to announce we've invested in @Helio_Money🎉
Helio Protocol combines over-collateralized, decentralized stablecoin lending and borrowing on BNB Chain with multi-chain StaaS and LSDfi services through its Synclub offerings.https://t.co/EnyUgbBVKW
— Binance Labs Fund (@BinanceLabs) August 11, 2023
Driving DeFi Evolution through Funding
This substantial funding marks another milestone in Binance Labs’ unwavering commitment to nurturing groundbreaking ventures that are poised to shape the future of decentralized finance (DeFi). By allocating substantial resources to innovative projects, Binance Labs is actively contributing to the evolution of the DeFi landscape. In July 2023, Helio Protocol made a significant stride by acquiring Synclub. This strategic move aimed to enhance the potential of HAY by integrating additional Liquid Staking Tokens (LSTs) as collateral. This integration not only empowers users by boosting capital efficiency for optimized rewards but also harnesses Synclub’s staking expertise to elevate the staking experience, ensuring user security and product innovation.
Yi He, Co-Founder of Binance and Head of Binance Labs, emphasized the significance of the partnership, stating, “We have seen tremendous potential in the LSDfi sector, which plays a crucial role in driving the overall growth of the DeFi ecosystem.” He expressed Binance Labs’ commitment to supporting projects like Helio and Synclub that contribute to the growth and innovation of the Web3 industry.
Investment Strategy
The investment infusion will enable Helio Protocol to expand its team, diversify collateral across multiple liquid staking providers, and reinforce support for future multi-chain expansion. These initiatives are pivotal in ensuring the platform’s resilience, security, and adaptability for the LSDfi community. Helio Protocol is dedicated to delivering an all-encompassing, secure LSDfi infrastructure that amplifies the capital efficiency and rewards of users’ on-chain assets.
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Toru, Founder and CEO of Helio Protocol, emphasized the community-centric approach: “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.” The substantial investment not only injects crucial resources but also establishes a platform for future growth and collaboration, amplifying Helio Protocol’s potential as a leader in the rapidly evolving DeFi sector.
