1. BITBILIHome
  2. Article

Binance Labs invests $10 million in Helio Protocol

• 175 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

  • How to Find Meme Coins Early? Article

    How to Find Meme Coins Early?

    Introduction to Meme Coins Meme coins are a type of cryptocurrency that is based on internet memes and have gained popularity due to their unique and often humorous branding. They often have low market caps and are traded on decentralized exchanges. Meme coins can be highly volatile and subject to market fluctuations, making them a risky investment. However, they have also gained attention to their potential to offer high returns in a short amount of time. Some popular examples of meme coins include Dogecoin, Shiba Inu, Pepe, and Safemoon. What Are Meme Coins? Meme coins are a type of cryptocurrency that is inspired by internet memes and popular culture. They often have unique branding and are created for fun or entertainment purposes rather than practical applications. Meme coins can have low market caps and are often traded on decentralized exchanges. Some popular examples of meme coins include Doge, Shiba Inu, SpongeBob, and SafeMoon. Meme coins have gained popularity in recent years due to their unique branding and potential for high returns, but they can also be highly volatile and risky…

    2023年5月17日

  • Australia inflation drops to 4.9%, strengthens argument to extend pause

    TL;DR Breakdown Australia’s inflation rate dropped to 4.9% in July, fueled by reduced holiday travel and fuel costs. Markets predict a 99.5% likelihood that the Reserve Bank of Australia (RBA) will not increase interest rates for the third consecutive month in September. Australian dollar and bond futures responded to lower-than-expected inflation figures, indicating a more nuanced economic situation. Description In July, inflation in Australia dropped to its lowest point of 4.9% in 17 months, mainly due to reduced holiday travel and fuel costs. Even the core inflation measure, which looks at essential price changes, showed a decrease, which suggests that there might not be a need to increase interest rates. Consequently, the markets adjusted … Read more In July, inflation in Australia dropped to its lowest point of 4.9% in 17 months, mainly due to reduced holiday travel and fuel costs. Even the core inflation measure, which looks at essential price changes, showed a decrease, which suggests that there might not be a need to increase interest rates. Consequently, the markets adjusted their expectations and now believe with a 99.5%…

    Article 2023年8月30日

  • Nigeria’s CBN introduces NFC upgrade for eNaira

    TL;DR Breakdown The Central Bank of Nigeria (CBN) has introduced Near Field Communication (NFC) to the eNaira mobile app. NFC allows contactless transactions between mobile devices and payment terminals. The eNaira digital currency aims to streamline transactions and improve financial inclusion. Description Despite a change in leadership only weeks prior, Nigeria’s Central Bank (CBN) remains resolute in its dedication to the central bank digital currency (CBDC), colloquially known as eNaira, which has seen no signs of being abandoned. As a recent enhancement, the CBN has introduced Near Field Communication (NFC) technology to the eNaira mobile app, a … Read more Despite a change in leadership only weeks prior, Nigeria’s Central Bank (CBN) remains resolute in its dedication to the central bank digital currency (CBDC), colloquially known as eNaira, which has seen no signs of being abandoned. As a recent enhancement, the CBN has introduced Near Field Communication (NFC) technology to the eNaira mobile app, a move that modernizes the platform and aligns it with global standards. Nigeria enhances the eNaira experience The incorporation of NFC technology into the eNaira platform…

    Article 2023年7月24日

  • Janet Yellen dispels doubts, praises dollar’s indispensability

    TL;DR Breakdown U.S. Treasury Secretary, Janet Yellen, has defended the supremacy of the U.S. dollar in global economics, dismissing efforts by other countries, including China, to circumvent the dollar’s role. Yellen acknowledged the growing trend of countries looking for alternative reserve currencies to rival the greenback, which is mainly motivated by their desire to evade U.S. sanctions. The move towards alternative currencies comes amid increased calls for a global economy less reliant on the dollar, with some countries opting to use their own currencies for cross-border transactions. Janet Yellen, U.S. Treasury Secretary, recently addressed the U.S. Congress, asserting the supremacy and insurmountable role of the greenback in the world’s financial landscape. Emphasizing the fundamental challenges any country, including major players like China, would face in attempting to circumvent the U.S. dollar, Yellen confidently proclaimed the enduring potency of the U.S.’s economic might. Countries’ quest for dollar alternatives In her address to the Financial Services Committee of the U.S. Congress on June 13, Yellen recognized the ongoing international quest to forge alternative reserve currencies capable of challenging the dominant greenback. She…

    Article 2023年6月19日

  • Hungarian artist sells computer-generated NFTs for $1.2 million

    TL;DR Breakdown Hungarian artist Vera Molnár has sold out a series of computer-generated NFTs for $1.2 million. Navigating the impact of NFTs on the art world. Description In a groundbreaking event, Hungarian artist Vera Molnár collaborated with Martin Grasser to create a series of computer-generated nonfungible tokens (NFTs) that sold out during Sotheby’s Dutch auction for an impressive 631 Ethereum, equivalent to approximately $1.2 million, in under one hour. The collection, titled “Themes and Variation,” comprises 500 unique collectibles generated through an … Read more In a groundbreaking event, Hungarian artist Vera Molnár collaborated with Martin Grasser to create a series of computer-generated nonfungible tokens (NFTs) that sold out during Sotheby’s Dutch auction for an impressive 631 Ethereum, equivalent to approximately $1.2 million, in under one hour. The collection, titled “Themes and Variation,” comprises 500 unique collectibles generated through an algorithmic combination of 170 color palettes and recursive grids. The Hungarian artist sold out the arts in one hour Auctioneers described the collection as an expansion of the Hungarian artist’s 2% d’ordre generative protocol, which explores the potential of grids…

    Article 2023年7月28日
TOP