Open-source liquidity protocol Helio Protocol receives $10 million investment from Binance Labs

ChainCatcher news, according to Decrypt, Binance Labs has invested $10 million in Helio Protocol to help the protocol continue its transformation into a liquid staking platform. Helio is currently built on the BNB Chain, and this new funding is expected to help the platform expand to other networks, including Ethereum, Arbitrum, and zkSync.

According to RootData information, Helio Protocol is the issuer of the over-collateralized stablecoin HAY. In July, Helio announced a partnership and merger with staking provider Synclub, and the newly established foundation will manage the complete revenue streams of Synclub and Helio.