In a pre-seed investment round, Helix Labs has raised $2 million, giving the company a $40 million valuation.
According to a news statement from the company, Tribe Capital, EMURGO Ventures, Taureon Capital, LD Capital, and Double Peak Group led the fundraising.
Increased Cardano liquidity is what the funding aims to offer to decentralized finance. The primary goal of Helix Labs is to create a protocol that will enable Cardano holders to use their tokens in DeFi and stake them simultaneously.
Staking is locking up a coin in order to support the network and receive incentives. However, this often means you can’t use your tokens elsewhere. The goal of Helix Labs is to alter it.
Cardano’s $12b Liquidity
As per the press release, holders of ADA can stake their assets and obtain a “liquid staked ADA” token in exchange, thanks to Helix Labs’ technology.
By using this token on several DeFi platforms, previously untapped ADA liquidity worth about $12 billion can be accessed.
The startup will participate in the Move Collective accelerator program offered by Movement Labs to increase Cardano’s liquidity throughout DeFi ecosystems.
Consequently, lending, trading, and other financial transactions that were previously unfeasible can now be conducted via ADA.
Helix Labs caters to blockchain aficionados with three primary products. Helix Vault is the first tool that enables users to optimize their asset revenues by integrating staking protocols from many blockchains, including Cardano.
The UniRollup L2 platform increases ADA holders’ accessibility to DeFi activities by enabling liquid-staked ADA interaction with multiple DeFi protocols,
Furthermore, the OmniVM AVS solution facilitates the start-up of new initiatives by offering support and liquidity to developing Layer-3 ecosystems.
