Helix Labs is a blockchain startup that has raised $2 Million in pre-seed financing, which brings its valuation up to $40M.
Tribe Capital led the funding, with EMURGO Ventures in second place, Taureon Capital third, LD Capital fourth, and Double Peak Group fifth. as per a company press release.
The company aims to unlock Cardano’s liquidity for decentralized finance (DeFi), providing Cardano (ADA) holders the ability to stake their tokens without losing access to them for other financial uses.
The DeFi system could now offer approximately $12 billion in ADA liquidity, which was not previously available.
Helix Labs targets untapped ADA liquidity
Helix Labs protocol allows Cardano token holders to secure their ADA while still retaining flexibility in using them for DeFi. Staking crypto involves locking up the tokens to help support the network. This means that users are unable to use them for any other purpose.
Helix Labs technology brings a new level of efficiency to the industry. “liquid staked ADA” The token users receive when they stake their assets. This token allows for activities including lending, liquidity, trading and other DeFi platform features that were previously unavailable to ADA stakeholders.
Cardano holds approximately 12 billion dollars in liquid assets, most of which have remained unused within the DeFi ecosystem.
The company is part of Movement Labs’ Move Collective accelerator program, which aims to expand Cardano’s DeFi capabilities.
Helix Labs’ partnership with DeFi aims to bring Cardano liquidity within broader financial systems and make it more accessible to ADA holders.
What are Helix Labs’ products?
Helix Labs has three products that are aimed at blockchain users.
Helix Vault is the first. It integrates stake protocols from several blockchains including Cardano. This allows users to maximize earnings.
UniRollup platform L2 facilitates liquid-staked ADA interaction with DeFi protocols. This makes it easy for users to participate in financial activities.
OmniVM AVS is a product that supports blockchain initiatives by providing support and liquidity to emerging Layer-3 eco-systems.
Cardano’s liquidity enters the DeFi space
Cardano’s liquidity entry in the DeFi market is a major milestone for ecosystem.
Cardano’s market cap is approximately $12 Billion. It has lagged behind other blockchains such as Ethereum in DeFi adoption.
Helix Labs aims at closing that gap by offering ADA owners more opportunities for earning rewards and keeping their assets active within the broader DeFi market.
Helix Labs products are expected to speed up the adoption of Cardano in the DeFi eco-system.
Helix Labs, with the help of its investors and inclusion in Move Collective’s accelerator program is well-positioned for the advancement and expansion of its blockchain technology.
Helix Labs creates a financial ecosystem that is more flexible and efficient for Cardano holders by offering solutions to increase liquidity.
Post Helix Labs secures $2M in pre-seed funding to tap into $12B Cardano liquidity First on Invezz
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Source: invezz.com
