Binance Labs has invested $10 million into Helio Protocol to help expand the protocol's ongoing pivot to becoming a liquid staking platform.
Helio is currently built on BNB Chain, this new funding is expected to help the platform expand to other chains. Helio's objective is to launch on Ethereum, and subsequently with prominent L2 networks like Arbitrum and Zksync.
Helio previously offered stablecoin minting services, lettings users mint HAY, a dollar-pegged decentralized stablecoin that’s backed by staking an over-collateralized amount of BNB. In July, the Helio protocol merged with the staking provider Synclub.
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BNB Chain
Liquid Staking Derivatives (LSD)
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