Binance Labs Invests $10M in Helio Protocol to Support Its Transformation into a Liquid Staking Platform

Odaily Planet Daily News Binance Labs has invested $10 million in Helio Protocol to help the protocol transform into a liquid staking platform. Helio is currently built on the BNB Chain, and the new funding is expected to help the platform expand to other chains. “Helio aims to launch on Ethereum and later on L2 networks like Arbitrum and zkSync,” said a Binance Lab spokesperson. Previously, Helio only offered stablecoin minting services, allowing users to mint HAY, a decentralized dollar-pegged stablecoin backed by over-collateralized BNB alongside Maker’s DAI and Aave’s recently launched GHO stablecoin works similarly. In July, Helio Protocol merged with staking provider Synclub; that same month, it announced that it had diversified the collateral used to back HAY. Since then, Helio BNB deposits have been seamlessly converted to a basket of LSTs such as AnkrBNB (ANKR), snBNB (Synclub), BNBx (Stader) and stkBNB (Pstake). While users' account balances are denominated in BNB, they can choose to withdraw any of the aforementioned LSTs. To date, Helio is the 13th largest DeFi protocol on BNB Chain, with 11,000 HAY holders having deposited $300 million in TVL, of which $260 million is pledged to Synclub’s validator nodes, making it the second largest on BNB validator. (Decrypt)