• Binance Labs has committed $10 million to the Helio Protocol project, which combines over-collateralized lending of its native stablecoin with SaaS and LSDfi infrastructure.
• The funds will be used to expand the team, diversify collateral across liquid staking providers and bolster support for multi-chain growth.
• This strategic funding round emphasizes Binance Labs’ dedication to supporting innovative projects that are set to shape the next era of DeFi.
Binance Labs Commits $10 Million Investment in Helio Protocol
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.
Funding Used To Expand Team & Diversify Collateral
The funds from this strategic funding round will be used to expand the team, 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.
Helio Protocol Acquires Synclub To Unlock Full Potential Of HAY
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.
Yi He’s Statement Regarding Strategic Funding Round
Yi He, co-founder of Binance and head of Binance Labs stated: “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.”
Product Revamps & Additional Opportunities With Acquisition Of Synclub
The upgrade brings a variety of product revamps, including new collateral conversion and withdrawal opportunities.
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