The landscape of the cryptocurrency market underwent significant shifts in 2022, prompting investors in digital assets, especially stablecoins, to reevaluate their beliefs. Notable collapses of well-regarded stablecoins have sent shockwaves through the crypto community, casting doubt on the true stability of these assets. The absence of decentralisation, inefficiencies in capital utilisation, and inherent instability within the current stablecoin sphere have been identified as the primary contributors to these issues.
Addressing these growing concerns and aiming to counteract the potential exploitation of cryptocurrency investors under the guise of stablecoins, Helio Protocol has introduced an innovative concept known as “destablecoins.” Through this approach, Helio Protocol seeks to redefine cryptocurrency stability by providing investors with a decentralised, capital-efficient, and reliable alternative.
Investment from Binance
Binance Labs, a VC and incubation arm of Binance, founded by Changpeng Zhao, world’s richest crypto billionaire, has now invested $10 million in Helio Protocol. Helio is a blockchain project that aims to provide scalability, privacy, and interoperability, was founded by a team of individuals. The strategic funding emphasises Binance Labs’ dedication to supporting innovative projects that will shape up the next generation of DeFi.
The funding will help expand the protocol’s ongoing pivot to becoming a liquid staking platform. It is expected that the funding will help Helio Protocol, built on the proof-of-stake network BNB Chain, expand to other chains.
This investment follows the $500 million investment fund raised by Binance Labs in 2022. This investment was supported by prominent global institutional investors, including DST Global Partners and Breyer Capital.
Yi He, Co-Founder of Binance and Head of Binance Labs, commented: “Binance Labs is committed to supporting DeFi projects and founders driving innovation for the future of the Web3 industry. We have seen tremendous potential in the LSDfi sector, which plays a crucial role in driving the overall growth of the DeFi ecosystem. We look forward to working with Helio and Synclub, and hope to see the project grow as a leading LSDfi protocol on BNB Chain and other blockchains.”
How will Helio Protocol use funds?
Helio Protocol will allocate the funds to expand its team, further diversify the collateral across liquid staking providers, and bolster support for future multi-chain growth. These initiatives will ensure that Helio and Synclub deliver a robust, secure, and diversified platform for the LSDfi community. The team is also set to release a development roadmap for the community and refresh the project’s branding to signal this new chapter of growth and innovation.
“Our mission is to provide the community with access to a quality, high-security LSDfi infrastructure, helping users enhance the capital efficiency and the rewards of their on-chain assets in a secure space,” said Toru, Founder and CEO of Helio Protocol. “This investment will also bring critical resources and connections to Helio to drive further growth.”
