1. BITBILIHome
  2. Article

Binance Labs invests $10 million in Helio Protocol

• 154 views

TL;DR Breakdown

  • Binance Labs has announced a $10 million investment into Helio Protocol.
  • Helio protocol to make a strategic transition to liquidity staking.

Description

Binance Labs, the venture arm of cryptocurrency exchange Binance, has made a substantial investment of $10 million into Helio Protocol, a move aimed at supporting Helio’s transition into a liquid staking platform. While currently operating on the proof-of-stake network BNB Chain, this funding will enable Helio to extend its presence to other blockchain networks. The … Read more

Binance Labs, the venture arm of cryptocurrency exchange Binance, has made a substantial investment of $10 million into Helio Protocol, a move aimed at supporting Helio’s transition into a liquid staking platform. While currently operating on the proof-of-stake network BNB Chain, this funding will enable Helio to extend its presence to other blockchain networks. The platform’s ambitions include launching on Ethereum, along with notable Layer 2 networks like Arbitrum and Zksync, as confirmed by a Binance Labs representative.

Binance Labs funds Helio’s transition to liquid staking

The shift towards becoming a player in the liquid staking sector marks a recent strategic direction for Helio. Liquid staking involves staking tokens on a network and receiving a different token that represents the staked position. These liquid staking tokens (LSTs) can be utilized in the decentralized finance (DeFi) ecosystem. For instance, a prominent staking platform on Ethereum, Lido Finance, provides users with Staked Ethereum (stETH) in exchange for depositing ETH with the protocol.

Binance Labs expressed its optimism for the liquid staking landscape, highlighting the emergence of liquid staking derivative finance (LSDfi) protocols, which offer new avenues for yield-seeking LST holders. These protocols have experienced rapid growth in total value locked (TVL) over recent months. By creating more use cases for liquid staking tokens, LSDfi protocols could incentivize increased staking participation, ultimately promoting higher capital efficiency.

Before its pivot, Helio was primarily focused on stablecoin minting services, allowing users to mint HAY, a dollar-pegged decentralized stablecoin. This process involved over-collateralizing BNB tokens. This concept aligns with the functionality of Maker’s DAI and Aave’s GHO stablecoin. Helio’s recent developments include a merger with staking provider Synclub in July. Moreover, the platform diversified its collateral, moving beyond relying solely on BNB.

Exploring the potential of Helio’s liquid staking

Synclub, the second-largest staking provider for the BNB Chain, holds over 1 million BNB tokens. In the context of this evolution, Helio introduced a mechanism where BNB deposits are seamlessly converted into a basket of LSTs like AnkrBNB, snBNB, BNBx, and stkBNB. While account balances remain denominated in BNB, users can opt to withdraw any of the aforementioned LSTs.

In terms of performance, Helio Protocol has become the thirteenth largest DeFi protocol on the BNB Chain. The platform boasts 11,000 HAY holders who collectively contribute $300 million in total value locked. Notably, $260 million of this amount is staked in Synclub’s validator node, solidifying its position as the second-largest validator on the BNB Chain. The collaboration between Binance Labs and Helio Protocol signifies growing interest in the potential of liquid staking.

With its ability to provide additional utility to staked tokens, this innovative approach has gained traction, with various protocols exploring its possibilities. As the DeFi space continues to evolve, the expansion of liquid staking to new chains and networks could play a pivotal role in driving further growth and participation in the broader ecosystem.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Binance Labs invests $10 million in Helio Protocol

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月12日 00:09
Next 2023年8月12日 01:16

Related articles

  • ETF assets in Australia soar, breach $100 billion

    TL;DR Breakdown  Australian ETF industry hits record high, reaching A$150b ($102b) in H1 2023. Growth rate surpasses Betashares’ forecasts; the provider predicts these assets could hit A$160b by year end. About 70% of the industry’s growth was due to market appreciation; new money in H1 2023 totaled A$4.8b, slightly lower than H1 2022. Description A surge in the asset values of exchange-traded funds (ETFs) in Australia has taken the industry to new heights, breaching the $100 billion mark in the first half of this year. Defying earlier predictions and setting an all-time record, the ETF industry in the country has exhibited an explosive growth pace, dwarfing other local fund … Read more A surge in the asset values of exchange-traded funds (ETFs) in Australia has taken the industry to new heights, breaching the $100 billion mark in the first half of this year. Defying earlier predictions and setting an all-time record, the ETF industry in the country has exhibited an explosive growth pace, dwarfing other local fund products that have been battling substantial outflows. Accelerated growth amid market uncertainties Betashares,…

    Article 2023年7月24日

  • Nigerian crypto exchange Patricia battles security breach promises steadfast recovery

    TL;DR Breakdown Nigerian crypto trading platform, Patricia, experienced a security breach compromising its Bitcoin and Naira assets. In response to the breach, Patricia has temporarily suspended fund withdrawals and initiated an internal restructuring. The company has identified one individual from the syndicated group responsible for the breach and is working with law enforcement to recover the assets. Renowned Nigerian crypto exchange, Patricia, has recently grappled with a massive security breach affecting the company’s Bitcoin and Naira assets. A situation that has precipitated immediate measures to shield its user base and fortify its security landscape. This unexpected cybersecurity incident prompted the suspension of fund withdrawals, a step taken as part of an ongoing internal restructuring designed to enhance the platform’s security measures. Hello Chief, We have a much needed update for you. #patriciatechnologies #cryptocurrencies pic.twitter.com/AcOIdIE8Vu — Patricia (@PatriciaSwitch) May 26, 2023 A syndicated breach and the race to recovery The hacking incident, evidently syndicated, cast its shadow over Patricia’s financial reserves, specifically compromising Bitcoin and Naira assets. While the exact extent of the impacted assets remains undisclosed, Patricia, in collaboration with…

    Article 2023年5月30日

  • Russia calls U.S. national debt a global fraud

    TL;DR Breakdown Russian State Duma Chair Vyacheslav Volodin dubs U.S. national debt a “global financial pyramid”, designed to mislead nations. Volodin argues that the weakening capacity of the U.S. government to service its debt is transforming the dollar into a hazardous asset. As the U.S. debt hits $31.4 trillion, interest on it could consume nearly a third of all U.S. budget revenues in 2023. In a resounding critique, Vyacheslav Volodin, Chair of the Russian State Duma, has recently designated the U.S. national debt as a “global financial pyramid,” designed to deceive nations and their populace. The United States’ precarious capacity to service its debt, he argued, was swiftly transforming the American dollar into a hazardous asset. The “global financial pyramid” and the “toxic” dollar The United States’ fiscal management has come under fire, with Volodin vociferously denouncing the American government’s treatment of its national debt. The leader of Russia’s lower legislative chamber voiced his concerns about the burgeoning U.S. debt and the habitual elevation of the nation’s debt ceiling— a move made over 100 times in recent history. Volodin highlighted…

    Article 2023年5月31日

  • How this crypto turmoil showcases its true potential

    TL;DR Breakdown The crypto industry has faced significant challenges, notably the FTX collapse and regulatory scrutiny on major players like Binance and Coinbase. Despite these setbacks, blockchain technology, especially tokenisation, is still showing promise in the finance sector. AI advancements in finance could complement, not compete with, blockchain’s security strengths. Description Cryptocurrency is an industry that’s had its ups and downs, particularly recently. But rather than write it off entirely, we need to examine how these challenges only underscore the genuine potential of the technology. Crypto Faces a Watershed Moment The crypto landscape has seen better days. A domino effect of setbacks started with the collapse … Read more Cryptocurrency is an industry that’s had its ups and downs, particularly recently. But rather than write it off entirely, we need to examine how these challenges only underscore the genuine potential of the technology. Crypto Faces a Watershed Moment The crypto landscape has seen better days. A domino effect of setbacks started with the collapse of FTX in November 2022, highlighting a challenging year riddled with declining prices and scandalous events…

    Article 2023年9月19日

  • U.S. commerce secretary gears up for crucial China visit

    TL;DR Breakdown U.S. Commerce Secretary Gina Raimondo will visit China from August 27 to 30. This is the third visit by a high-ranking U.S. official to China recently. China highlights the visit as an invitation from their Minister of Commerce, Wang Wentao. Description Amid a myriad of international tensions and fragile relations, U.S. Commerce Secretary Gina Raimondo is charting a course straight to China’s heartland. Scheduled for the end of August, Raimondo’s trip marks a strategic move in international diplomacy between the two global giants. Navigating Choppy Diplomatic Waters Gina Raimondo isn’t just making a cursory visit. Her … Read more Amid a myriad of international tensions and fragile relations, U.S. Commerce Secretary Gina Raimondo is charting a course straight to China’s heartland. Scheduled for the end of August, Raimondo’s trip marks a strategic move in international diplomacy between the two global giants. Navigating Choppy Diplomatic Waters Gina Raimondo isn’t just making a cursory visit. Her sojourn from August 27 to 30 comes hot on the heels of high-ranking U.S. officials setting their sights on China. Remember Antony Blinken’s rendezvous…

    Article 2023年8月23日
TOP