Helio Protocol | Synclub

Helio Protocol, a leading player in the decentralized finance (DeFi) space, has recently announced a merger with Synclub, an organization offering secure staking services through its self-managed validator node on the BNB Chain. This collaboration aims to propel the future of liquid staking tokens (LSTs) in the DeFi ecosystem.

The emergence of LSTFi (Liquid Staking Token Finance) has continued to capture the attention of crypto investors and enthusiasts, thanks to its potential to unlock the value of staked assets and generate efficient yields. This trend has been further substantiated by research findings published by Binance Research which revealed that the cumulative TVL (Total Value Locked)  in top LSDfi protocols has exceeded $400M, having at least doubled in just a month.

By joining forces with Synclub, Helio Protocol is positioned as a driving force behind the LSTFi trend. As part of the merger, Helio Protocol intends to revamp its current over-collateralized lending model to leverage the power of liquid staking tokens for more efficient yield generation of its decentralized stablecoin, HAY.

This revamp will involve the addition of numerous new BNB-based LSTs, such as SnBNB, and non-BNB LSTs as collateral for HAY. Moreover, Helio Protocol plans to integrate other decentralized assets as collateral in the future, with specific details yet to be announced.

Establishing a New Organizational Structure

To facilitate this strategic shift, a new organizational structure will be established, marked by the launch of a foundation by the end of the year. The foundation, operating under a new name yet to be determined, will oversee the revenue and operations of both Synclub and Helio Protocol. This alignment of resources and oversight is expected to enhance operational efficiency and coordination between the two entities.

Under the new structure, the foundation will integrate critical aspects of business development, marketing, operations, security, and risk management under a unified strategy. This unified approach will create a more streamlined and cohesive ecosystem, fostering collaboration and synergy between the two organizations.

In the event that the newly established foundation chooses to issue a governance token, it will be a single token utilized for governance and voting across both Synclub and Helio Protocol. This move reinforces the alignment of interests and ensures a cohesive governance structure within the merged entity.

Pioneering LST Adoption

By merging with Synclub, Helio Protocol combines its expertise in LST-backed decentralized stablecoins with Synclub's proficiency in staking-as-a-service infrastructure and design. This merger signals Helio Protocol's renewed commitment to incorporating LSTs into their DeFi model.

With the aspiration to lead the BNB Chain DeFi community and the wider DeFi space, Helio Protocol aims to drive the deep adoption of LSTs and become a hub for LST and stablecoin innovation.

Looking ahead, the establishment of the new foundation and the continued growth and success of Helio Protocol will enable the company to push boundaries and deliver exceptional value to its community.

In a bid to acknowledge the early adopters of SnBNB, Helio Protocol has launched an exclusive early adopter program, allowing users who have minted SnBNB to mint a special Galxe NFT, serving as an identifier.

What is Helio Protocol?

Helio Protocol is an open-source liquidity protocol for borrowing and earning yield on HAY - a new BNB-backed, over-collateralized destablecoin. Built on the BNB Chain, Helio Protocol consists of a dual-token model and mechanisms that support instant conversions, asset collateralization, borrowing, yield farming, and destablecoin staking. Helio Protocol aims to deliver an improved version of already successful stablecoin projects by further optimizing safety and capital efficiency. The protocol aims to achieve this by leveraging Proof-of-Stake (PoS) rewards, liquid staking, and yield-bearing assets. 

Helio smart contracts have notably undergone multiple external audits and security assessments from industry-leading security firms such as CertiK, SlowMist, PeckShield, and Veridise. 

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