LONDON, UK / ACCESSWIRE / July 31, 2023 / Helio Protocol, the revolutionary DeStablecoin provider on the BNB Chain, and Synclub, an esteemed staking infrastructure provider, today announced a strategic merger that will bring about transformative changes in the Liquid Staking Tokens (LSTs) landscape.
The merger will birth a novel foundation before year's end, set to oversee both project's revenue and operations. In the event a governance token is launched, it will serve as the governing entity for both projects under the foundation's umbrella.
Helio Protocol, known for its USD DeStablecoin backed by BNB, is changing the shape of DeFi and stablecoins in the BNB Chain ecosystem. Boasting a Total Value Locked (TVL) of over $44,603,491 and a total of 661 borrowers, the Protocol provides a platform for users to borrow HAY by providing BNB collateral while farming HAY on trusted partner DEXes for competitive APY.
Synclub, on the other hand, is recognized for its autonomous validator nodes on the BNB Chain and is poised to enrich the merger with its expertise in staking infrastructure and design. Presently managing over $240 million worth of staked assets, it ranks as the fourth largest validator on BNB Chain, accounting for 4.12% of total BNB staked.
This merger will drive a crucial disruption, positioning Helio Protocol at the forefront of LST and Stablecoin innovation. In response to the popular trend of LSTFi, Helio Protocol aims to turn up the heat in the DeFi summer, powering the trend with a robust roadmap that includes the addition of other asset types as collateral and the launching of a newly established foundation.
Upcoming plans include multi-LST collateralization, making $HAY accessible across various blockchains, and introducing innovative use cases for both $HAY and SnBNB. These strategic initiatives will aim to provide users with seamless access, enhancing the overall security of $HAY, while augmenting the protocol's appeal to a broader range of stablecoin users.
For more information about Helio Protocol, please visit https://helio.money/
About Helio Protocol
Helio Protocol is a trailblazer in the DeFi arena, introducing the world to the concept of DeStablecoins via its pioneering product - $HAY. A DeStablecoin on the BNB Chain, HAY leverages decentralized, liquid-staked crypto assets as collateral, veering away from the fiat-based approach to price stability. The protocol's unique over-collateralized borrowing model ensures that all circulating HAY is backed by excess collateral, delivering unprecedented security to its user base.
Synclub stands as a trusted Proof-of-Stake infrastructure provider, operating validator nodes across various blockchains, including the BNB Chain, Cosmos Hub, and Polkadot. Safeguarding over $240 million worth of staked assets, Synclub's validated node on the BNB Chain ranks as the fourth largest. This expertise in staking infrastructure and design places Synclub at the vanguard of the future of Liquid Staked Tokens (LSTs) in DeFi.
Email: [email protected]
Location: London UK
Company: Helio Protocol
SOURCE: Helio Protocol