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 playsa 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.”