• Binance Labs has committed $10 million to Helio Protocol to advance the LSDfi revolution.
• The strategic funding round emphasizes Binance Labs’ dedication to supporting innovative projects in DeFi.
• Helio Protocol will allocate the funds to expand its team, diversify collateral providers and bolster multi-chain growth.
Binance Labs Commits $10 Million To Advance LSDfi Revolution
Binance Labs – the venture capital and incubation arm of leading cryptocurrency exchange Binance – has announced a commitment of $10 million in funding for Helio Protocol, a project combining over-collateralized lending of its native decentralized stablecoin HAY with SaaS (staking-as-a-service) and LSDfi infrastructure. The strategic investment is aimed at advancing the LSDfi revolution as part of Binance’s commitment to supporting innovative projects in DeFi.
Helio Protocol Acquires Synclub
In July 2023, Helio Protocol acquired Synclub with the aim of unleashing HAY’s full potential by incorporating additional LSTs as collateral and empowering users with increased capital efficiency for maximum rewards. The acquisition also brings new features such as collateral conversion and withdrawal opportunities that enhance user experience on the platform.
Funding Allocation For Future Growth And Innovation
Helio Protocol will be utilizing the $10 million fund towards expansion of its team, further diversification across liquid staking providers and support for future multi-chain growth initiatives. Additionally, a development roadmap is set to be released for community members alongside refreshed branding elements that signify this new chapter of growth and innovation.
Yi He Comments On Strategic Investment
Yi He, co-founder of Binance and head of Binance Labs commented on the strategic investment saying “We have seen tremendous potential in the LSDfi sector which plays a crucial role in driving overall growth within DeFi” She added “We look forward to working with Helio and Synclub”
This strategic funding from Binance Labs not only demonstrates their commitment towards driving innovation within DeFi but also provides vital resources for Helio Protocol’s mission of providing secure access to quality LSDfi infrastructure thus helping users maximize capital efficiency while earning rewards from their on chain assets.