[PRESS RELEASE – London, UK, August 12th, 2023]
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.
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