Helix Labs has raised $2 million in a pre-seed funding spherical, valuing the corporate at $40 million.
The funding was led by Tribe Capital, EMURGO Ventures, Taureon Capital, LD Capital, and Double Peak Group, based on an organization press launch. The purpose of the funding is to convey extra liquidity from Cardano (ADA) into decentralized finance.
Helix Labs’ primary focus is to develop a protocol that permits Cardano holders to stake their tokens whereas nonetheless utilizing them in DeFi. Usually, whenever you stake a cryptocurrency, you lock it as much as help the community and earn rewards in return. Nonetheless, this usually means you possibly can’t use your tokens elsewhere. Helix Labs goals to alter that.
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Cardano’s $12b liquidity
In line with the discharge, Helix Labs’ expertise allows ADA holders to stake their property and obtain a “liquid staked ADA” token in return. This token can then be used throughout numerous DeFi platforms, unlocking roughly $12 billion value of ADA liquidity that was beforehand untapped.
The corporate is becoming a member of Motion Labs’ Transfer Collective accelerator program, which goals to assist them develop Cardano’s liquidity into DeFi ecosystems. This implies ADA can now be used for lending, buying and selling, and different monetary actions that have been beforehand unavailable.
Helix Labs presents three primary merchandise to cater to blockchain fanatics. The primary product, Helix Vault, integrates staking protocols from numerous blockchains, together with Cardano, permitting customers to maximise their asset earnings.
The UniRollup L2 platform facilitates liquid-staked ADA interplay with numerous DeFi protocols, making DeFi actions extra accessible for ADA holders. Moreover, the OmniVM AVS product helps the launch of recent tasks by offering liquidity and help for rising Layer-3 ecosystems.
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