Helio Protocol, a London, UK-based project combining over-collateralized lending of its native decentralized stablecoin, HAY, with staking-as-a-service (StaaS) and LSDfi infrastructure, received USD10M from Binance Labs.
The company intends to use the funds to expand its team, further diversify the collateral across liquid staking providers, and bolster support for future multi-chain growth.
Led by Toru, Founder and CEO, Helio Protocol combines over-collateralized, decentralized stablecoin lending and borrowing on BNB Chain with multi-chain StaaS and LSDfi services through its Synclub offerings. In July 2023, they acquired Synclub using the potential of HAY by incorporating additional LSTs as collateral, thus empowering users by increasing capital efficiency for maximum rewards. Currently, it has achieved 11,000 HAY holders and an estimated 300M USD in TVL, of which 260M USD are assets under management on Synclub’s validator node.
FinSMEs