- Helio Protocol has announced a strategic partnership with on-chain staking provider Synclub, aiming to foster the adoption of Liquid Staking Tokens Finance (LSTFi) on BNB Chain.
- The collaboration will lead to a series of new programs for liquidity providers and an upgrade of the current lending model for HAY stablecoin, Helio’s decentralized stablecoin.
The cryptocurrency world has its eyes set on Helio Protocol, a pioneering DeFi ecosystem, as it aligns with Synclub, a leading on-chain staking provider, to champion the Liquid Staking Tokens Finance (LSTFi) wave on BNB Chain.
A New Era of Decentralized Finance
This promising alliance stems from Helio’s cutting-edge innovation in liquid staking. With its decentralized stablecoin HAY, pegged to the U.S. Dollar, Helio introduces fresh concepts into the burgeoning realm of liquid staking. The partnership with Synclub exemplifies this vision, driving the evolution of DeFi.
Helio and Synclub plan to establish a foundation initiative, leading their collective development. This foundation may issue a public governance token, serving as a democratic tool for decision-making within both projects. The rise of LSTFi, also known as LSD, further fuels the dynamism of this partnership. This domain involves a spectrum of tokens playing a part in staking coins on Ethereum (ETH) and BNB Chain (BNB).
The “liquid” aspect of LSTFi protocols signifies that there’s no need to tie up your liquidity and miss earnings potentials. These protocols generate “mirrored” assets that mirror the value of the staked cryptocurrency.
Innovative Programs and Lending Model Upgrade
To mark this groundbreaking partnership and to unlock novel possibilities for liquidity providers, Helio has launched several new initiatives. An essential part of these changes is a comprehensive revision of its existing over-collateralized lending model backing its HAY stablecoin.
The upgrade will introduce new BNB-based and non-BNB LSTs as collateral for the HAY stablecoin, and future integration with other decentralized assets as collateral. The result will be a surge of liquidity inflows to the joint Helio-Synclub platform, providing cryptocurrency aficionados with a myriad of options to secure their assets as collateral and seamlessly mint new HAY stablecoins.
Currently, Synclub offers staking possibilities for Binance Coins (BNB), Cosmos (ATOM), Polkadot (DOT), Kusama (KSM), and others, with added support for Tronics’ (TRX) staking program. More will soon join the list, including Solana (SOL), Moonbeam (GLMR), Moonriver (MOVR), and Near Protocol (NEAR).
A Bright Future for Stablecoins and LSTFi
This alliance demonstrates Helio Protocol’s robust commitment to the utilization of LSTs in its DeFi model. With Synclub, Helio is poised to assume leadership in the booming LSTFi segment on BNB Chain and other EVM-compatible blockchains.
An already respected ecosystem for traders and liquidity providers, Helio Protocol’s enhancements will empower Web3 enthusiasts to mint HAY using various cryptocurrency assets, broadening the horizons of decentralized finance.
