Binance Labs, the venture capital and incubation arm of Binance, has committed $10 million to Helio Protocol, a USD-pegged over-collateralized stablecoin.

Binance Labs said in a statement last Friday that this strategic funding round emphasizes the firm’s dedication to supporting innovative projects that are set to shape the next era of DeFi.

According to the statement, 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 Protocol 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.

“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,” said Yi He, Co-Founder of Binance and Head of Binance Labs.

Helio Protocol is a project combining over-collateralized lending of its native decentralized stablecoin, HAY, with staking-as-a-service (StaaS) and LSDfi infrastructure, with approximately combined $300 million in total value locked (TVL), of which $260 million is parked under staked assets.

In July 2023, Helio Protocol acquired Synclub to unleash the full potential of HAY by incorporating additional LSTs as collateral, thus empowering users by increasing capital efficiency for maximum rewards.

The addition of Synclub’s staking infrastructure and expertise will also further cultivate the product innovation required to secure a safer and more refined staking experience for users.

The upgrade brings a variety of product revamps, including new collateral conversion and withdrawal opportunities.

“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,

“This investment will also bring critical resources and connections to Helio Protocol to drive further growth,” said Toru, Founder and Chief Executive Officer of Helio Protocol.

As venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $9 billion.

Its portfolio covers 200 projects from over 25 countries across six continents and has a return on investment rate of over 10 times.

Fifty of Binance Labs’ portfolio companies are projects that have gone through its incubation programs.

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