Helix Labs Raises $2M for Cardano DeFi Revolution

[Road Town, British Virgin Islands – September 26, 2024] – Helix Labs, a pioneering protocol focused on unlocking liquidity for non-Ethereum Layer 1 assets, has successfully raised $2 million in a pre-seed funding round, valuing the company at an impressive $40 million. This investment marks a significant step towards revolutionizing Cardano's decentralized finance (DeFi) ecosystem and unleashing its estimated $12 billion in untapped liquidity.

The funding round was led by a consortium of prominent venture capital firms, including Tribe Capital, EMURGO Ventures, Taureon Capital, LD Capital, and Double Peak Group. This strategic partnership brings together deep industry expertise and resources to support Helix Labs' ambitious vision.

Unlocking Cardano's DeFi Potential with Liquid Staking

Helix Labs is developing a groundbreaking protocol that addresses a critical challenge in the Cardano ecosystem: the illiquidity of staked ADA. Currently, Cardano holders who stake their ADA to secure the network and earn rewards must lock up their tokens, rendering them unavailable for use in DeFi applications. Helix Labs solves this problem by introducing "liquid staked ADA" (lsADA), a tokenized representation of staked ADA that can be freely used across the DeFi landscape.

This innovation is poised to unlock billions of dollars in previously illiquid ADA, enabling Cardano users to participate in DeFi activities like lending, borrowing, and trading while simultaneously earning staking rewards. This seamless integration of staking and DeFi is expected to significantly boost Cardano's DeFi ecosystem and attract a new wave of users and developers.

Helix Labs' Product Suite: Empowering the Cardano Ecosystem

Helix Labs' comprehensive product suite is designed to maximize yield opportunities and facilitate the growth of the Cardano ecosystem:

Helix Vault: A multi-chain liquid staking platform that allows users to stake their assets on various Layer-1 blockchains, including Cardano, and earn both native Proof-of-Stake (PoS) rewards and additional Helix rewards. This provides a user-friendly and efficient way to participate in staking and maximize returns.

UniRollup L2: A Move-based Layer-2 scaling solution that hosts lsADA and enables its seamless integration with diverse DeFi protocols. This allows for efficient and low-cost transactions while expanding the utility of lsADA within the DeFi ecosystem.

OmniVM AVS (Abstraction Virtualization Service): A crucial component for bootstrapping emerging Layer-3 ecosystems within the Movement ecosystem and beyond. By leveraging liquidity abstraction, OmniVM AVS provides essential support and liquidity for new projects, fostering innovation and growth within the broader blockchain landscape.

Strategic Partnerships and Future Growth

In addition to securing significant funding, Helix Labs has joined Movement Labs' Move Collective accelerator program. This partnership provides access to valuable resources, mentorship, and networking opportunities, further accelerating the development and adoption of Helix Labs' technology.

Helix Labs is committed to expanding the capabilities of the Cardano ecosystem and driving the adoption of DeFi. The company's innovative approach to liquid staking and its focus on building a robust and interconnected DeFi ecosystem position it as a key player in the future of Cardano and the broader blockchain space.

About Helix Labs:

Helix Labs is a blockchain technology company focused on unlocking liquidity for non-Ethereum Layer 1 assets, particularly Cardano. Through its innovative liquid staking protocol and suite of DeFi products, Helix Labs aims to empower users, foster innovation, and drive the growth of the Cardano ecosystem.