Helio Protocol, a budding name in the DeFi landscape, has recently garnered considerable funding from Binance labs.
Binance Labs, the venture arm of the renowned Binance platform, poured $10m into the decentralised finance outfit.
Operating primarily in the DeFi sector, Helio Protocol has positioned itself to revolutionise the concept of liquid staking. Liquid staking is a subset of decentralized finance which allows participants to earn a yield while ensuring their token liquidity remains intact.
This recent influx of funds by Binance Labs underlines Helio’s transition towards becoming a pivotal liquid staking platform in the DeFi ecosystem.
Binance’s own reports from July have thrown light on the rapid ascent of liquid staking, which surpassed DEXs in total value locked (TVL) by April 2023. The rise of such platforms, however, brings certain challenges, including smart contract vulnerabilities and potential price fluctuations.
A representative from Binance Labs commented via email, “LSDfi protocols have created new opportunities for yield-seeking LST holders. They have gained significant Total Value Locked (TVL) growth recently. By expanding the use cases for liquid staking tokens, LSDfi could accelerate liquid staking growth by encouraging more staking for higher capital efficiency.”
Helio Protocol has been making waves in the DeFi world, ranking thirteenth on the BNB Chain with an impressive 11,000 HAY holders and a whopping $300m in TVL. With the backing of industry giants like Binance Labs, Helio’s focus on liquid staking innovation is set to craft a robust presence in the DeFi domain.
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