Helix Labs has successfully raised $2 million in a pre-seed funding round, positioning the company at a valuation of $40 million. This funding initiative was spearheaded by Tribe Capital, EMURGO Ventures, Taureon Capital, LD Capital, and Double Peak Group. The primary objective of this funding is to enhance liquidity from Cardano (ADA) into the decentralized finance (DeFi) sector.

Revolutionizing Cardano Staking

Helix Labs is concentrating on developing a protocol that allows Cardano holders to stake their tokens while still utilizing them in DeFi. Traditionally, staking a cryptocurrency involves locking it up to support the network and earn rewards. However, this typically restricts the usability of the tokens elsewhere. Helix Labs aims to resolve this limitation.

“Our technology enables ADA holders to stake their assets and receive a ‘liquid staked ADA’ token in return,” the company stated.

Unlocking ADA Liquidity

According to the company’s release, Helix Labs’ innovative technology will unlock approximately $12 billion worth of ADA liquidity that was previously untapped. This is achieved through the issuance of a liquid staked ADA token, which can be used across various DeFi platforms. This development is set to enhance the versatility and utility of ADA within the DeFi ecosystem.

Partnership with Movement Labs

Helix Labs is joining Movement Labs’ Move Collective accelerator program. This partnership aims to expand Cardano’s liquidity into DeFi ecosystems, enabling ADA to be used for lending, trading, and other financial activities that were previously unavailable to holders.

Helix Labs’ Product Offerings

Helix Labs offers three primary products designed for blockchain enthusiasts:

  • Helix Vault: This product integrates staking protocols from various blockchains, including Cardano, allowing users to maximize their asset earnings.
  • UniRollup L2 Platform: Facilitates interaction between liquid-staked ADA and various DeFi protocols, making DeFi activities more accessible for ADA holders.
  • OmniVM AVS: Supports the launch of new projects by providing liquidity and assistance for emerging Layer-3 ecosystems.

Helix Labs is poised to make significant strides in the DeFi space by unlocking the potential of Cardano, making it a pivotal player in the evolving landscape of decentralized finance.

Stay tuned to Global Crypto News for more updates on this and other developments in the cryptocurrency world.

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