In the rapidly evolving world of cryptocurrency, a new decentralized stablecoin called HAY has been making waves. Backed by BNB and built on the proof-of-stake network BNB Chain, HAY aims to revolutionize the concept of stablecoins. With a recent funding round raising a notable $10 million, Helio Money, the platform behind HAY, is poised to expand its reach and impact within the crypto community.
Funding Rounds and Investors:
The latest funding round, announced on August 11, 2023, has seen Helio Money successfully raise a significant amount of funds. Led by Binance Labs, a prominent player in the crypto sphere, this funding round has undoubtedly infused confidence and support into Helio Money’s aspirations.
Expanding to Other Chains:
The investment comes at a crucial time for Helio Money, as the platform aims to expand beyond its current network and explore new opportunities on multiple chains. This strategic move enables them to tap into a wider user base and bring their innovative stablecoin concept to a diverse range of crypto enthusiasts. By venturing into other chains, Helio Money positions itself as a versatile player in the decentralized finance (DeFi) sector, ready to adapt to the ever-changing needs of the crypto community.
Growing Stature in the BNB Chain:
Currently ranked as the thirteenth largest DeFi protocol on the BNB Chain, Helio Money has managed to attract over 11,000 HAY holders. Impressive as that may be, what truly stands out is the substantial value locked in the platform. With a total value locked (TVL) of $300 million, Helio Money has successfully captivated users and instilled confidence in its stablecoin as a viable investment option.
Furthermore, a significant portion of the TVL, specifically $260 million, is staked in Synclub’s validator node. This makes Helio Money the second-largest validator on the BNB Chain, showcasing the trust and belief held by users in the stability and long-term potential of the HAY stablecoin.
The recent funding of $10 million and Helio Money’s growing stature within the crypto space highlight the platform’s potential to disrupt the stablecoin market. With its innovative approach and backing from Binance Labs, we can expect Helio Money to expand its reach and explore new opportunities across various chains. As the crypto landscape continues to evolve, Helio Money’s progress warrants attention, as it aims to revolutionize the concept of stablecoins and solidify its position as a player to watch in the decentralized finance sector.