Key Points:
This additional money is anticipated to aid Helio’s platform expansion to other chains, even though it is presently based on the proof-of-stake network BNB Chain. A Binance prominent Labs spokesperson said, “Helio’s objective is to launch on Ethereum, and subsequently with L2 networks like Arbitrum and Zksync.”
Liquidity staking has become all the rage over the past few years as more blockchains transition to proof-of-stake (PoS). Since liquidity staking tokens are platform-specific, it is essential to choose the right platform so that your staking cryptocurrency is not at risk and you are maximizing your rewards.
Faced with the rapid and intense development of liquidity staking protocols, a spokesperson for Binance Labs told Decrypt via email that the venture firm is optimistic about the world of liquid staking, sometimes when called liquidity bet financial derivatives.
LSDfi protocols have opened up new opportunities for profit-seeking LST holders and have seen a rapid rise in TVL over the past few months.
Helio Protocol is an open-source liquidity protocol built on the BNB chain, where users can lend and profit on HAY – a decentralized stablecoin (destablecoin) backed by an amount of assets more significant than the minted value (over-collateralized).
Previously, Helio only offered stable minting, allowing users to mint HAY, a decentralized USD-pegged stablecoin backed by oversold BNB. In July, Helio Protocol merged with staking provider Synclub. The same month it announced that it was diversifying the collateral used to support HAY.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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