1. BITBILIHome
  2. Article

Binance Labs invests $10 million in Helio Protocol

• 117 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

  • Cardano Embraces Wrapped Bitcoin with the Launch of cBTC on Mainnet

    TL;DR Breakdown Cardano has successfully integrated the ability to wrap Bitcoin (BTC) on its mainnet through the anetaBTC protocol, enhancing blockchain interoperability. This integration allows users to interact with both ADA and BTC on a single network. It is expected to attract a broader audience and increase the Total Value Locked (TVL) on Bitcoin. Description In a groundbreaking move, Cardano, the renowned Proof-of-Stake (PoS) protocol, has integrated Wrapped Bitcoin assets, termed as cBTC, through the innovative anetaBTC protocol. This development marks a significant stride towards blockchain interoperability and paves the way for a more inclusive and expansive crypto ecosystem. Cardano’s recent announcement has been the talk of the crypto town. … Read more In a groundbreaking move, Cardano, the renowned Proof-of-Stake (PoS) protocol, has integrated Wrapped Bitcoin assets, termed as cBTC, through the innovative anetaBTC protocol. This development marks a significant stride towards blockchain interoperability and paves the way for a more inclusive and expansive crypto ecosystem. Cardano’s recent announcement has been the talk of the crypto town. The integration of the ability to wrap Bitcoin (BTC) on its mainnet…

    Article 2023年8月13日

  • North Korean hackers drain Japan of $721 million in cryptocurency: Report

    TL;DR Breakdown According to an Elliptic study, north Korean hackers reportedly stole $721 million in crypto from Japan between 2017 and 2022, contributing to 30% of global losses. Japan and Vietnam were prime targets due to weak security and thriving crypto markets, leading to significant losses like the $51.4 million from Zaif in 2018. These hacks help North Korea generate foreign currency under international sanctions, with major attacks also hitting the US and Hong Kong, causing losses of $497 million and $281 million, respectively. As cybercrime continues to threaten global security, a new wave of cyberattacks linked to North Korea has been stealing headlines, with Japan being one of the hardest hit. According to a study conducted by the U.K.-based blockchain analytics firm Elliptic, the rogue state’s hacking groups have been implicated in the theft of a staggering $721 million in cryptocurrency assets from Japan alone between 2017 and 2022. The value of the stolen digital assets from Japan amounts to approximately 30% of worldwide losses attributed to North Korean-affiliated cyberattacks. In a grim comparison, the Nikkei Asia report highlights…

    Article 2023年5月19日

  • Elon Musk sues U.S. government – Here is why

    TL;DR Breakdown Elon Musk’s SpaceX has filed a lawsuit against the U.S. Government in Texas. The lawsuit challenges the U.S. Department of Justice (DOJ) administrative judges’ appointment process in handling employment bias cases involving immigrants. SpaceX believes this process denies them a fair trial as outlined in the Constitution. Description The tug-of-war between visionary entrepreneur Elon Musk’s aerospace manufacturer, SpaceX, and the U.S. Government reached a tipping point as the rocket mogul filed a lawsuit in Texas. At the heart of this dramatic legal standoff lies an accusation that the U.S. Government, through its administrative avenues, is infringing upon constitutional rights—specifically, by questioning SpaceX’s hiring … Read more The tug-of-war between visionary entrepreneur Elon Musk’s aerospace manufacturer, SpaceX, and the U.S. Government reached a tipping point as the rocket mogul filed a lawsuit in Texas. At the heart of this dramatic legal standoff lies an accusation that the U.S. Government, through its administrative avenues, is infringing upon constitutional rights—specifically, by questioning SpaceX’s hiring practices concerning refugees and asylees. Questioning the Fairness of the Trial While Musk and his space conglomerate…

    Article 2023年9月20日

  • Ethereum co-founder Vitalik Buterin falls victim to SIM-swap attack

    TL;DR Breakdown Vitalik Buterin’s Twitter account was hacked due to a SIM-swap attack, leading to a scam that cost users over $691,000. The breach emphasizes the dangers of using phone numbers for authentication and the need for enhanced digital security measures, especially in the cryptocurrency and social media sectors. Description In an era where digital security has become paramount, the recent breach experienced by Ethereum co-founder Vitalik Buterin serves as a stark reminder of the lurking vulnerabilities. Buterin confirmed that his Twitter account, a platform with millions of users and significant influence, was compromised due to a SIM-swap attack. This incident underscores the risks associated … Read more In an era where digital security has become paramount, the recent breach experienced by Ethereum co-founder Vitalik Buterin serves as a stark reminder of the lurking vulnerabilities. Buterin confirmed that his Twitter account, a platform with millions of users and significant influence, was compromised due to a SIM-swap attack. This incident underscores the risks associated with mobile-based security measures and emphasizes the need for heightened awareness and proactive measures, especially in sectors…

    Article 2023年9月13日

  • Russian ruble falls against the dollar, down 30% since the beginning of the year

    TL;DR Breakdown The Russian ruble has fallen below the 100 mark against the dollar, losing about 30% since the beginning of the year. The Russian central bank blames this on the country’s falling trade balance. Description On Monday, the Russian ruble experienced a decline, falling below the 100 mark against the dollar. That marks its weakest point since March 23, 2022, a few weeks after Moscow initiated full-scale conflicts in Ukraine. This year, the ruble has devalued by approximately 30 percent compared to the dollar, attributed to increased imports and decreased … Read more On Monday, the Russian ruble experienced a decline, falling below the 100 mark against the dollar. That marks its weakest point since March 23, 2022, a few weeks after Moscow initiated full-scale conflicts in Ukraine. This year, the ruble has devalued by approximately 30 percent compared to the dollar, attributed to increased imports and decreased exports for the nation. Russian ruble reaches almost a 17-month low against the euro According to Moscow Exchange data, the ruble was observed trading at 101.01 to the dollar. Simultaneously, it…

    Article 2023年8月15日
TOP