- Helix Labs raises $2M to scale Cardano’s DeFi integration, unlocking $12B in ADA liquidity with liquid staked tokens.
- New “liquid staked ADA” lets users stake and use ADA in DeFi, transforming Cardano’s staking and financial utility.
- Helix Labs’ UniRollup and OmniVM boost ADA’s DeFi reach, offering staking rewards without locking up assets.
Helix Labs has closed a pre-seed funding round, raising $2 m of the total funding, valuing the company at $40 million. According to an official statement from the company, Tribe Capital, EMURGO Ventures, Taureon Capital, LD Capital, and Double Peak Group headed up the funding. The funds will be directed toward scaling the Cardano integration into DeFi environments, unlocking major liquidity.
Cardano’s Decentralized Finance Expansion
The proposed protocol by Helix Labs will help Cardano transform its DeFi framework by enabling ADA holders to stake their tokens while retaining the ability to use them in various financial applications. In the conventional use of staking, people need to lock up their tokens to be part of the validation process, leaving them minimal options in other sectors.
Helix Labs addresses this issue by introducing a “liquid staked ADA” token, representing staked assets that can be utilized across different DeFi platforms. This innovation is expected to unlock approximately $12 billion worth of Cardano liquidity that was previously untapped.
The company’s integration of ADA into DeFi is facilitated through its participation in Movement Labs’ Move Collective accelerator program. This initiative aims to further enhance ADA’s utility, allowing it to be used for lending, trading, and other financial activities within DeFi environments.
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Innovative Blockchain Products for Increased Participation
Helix Labs offers three main products tailored to enhance the DeFi experience for blockchain enthusiasts. The first, Helix Vault, integrates staking protocols from various blockchains, including Cardano, enabling users to maximize their staking rewards while keeping their assets available for other uses. This approach helps increase the accessibility of staked assets, allowing holders to benefit from staking while participating in DeFi activities.
Additionally, the UniRollup L2 platform enables liquid-staked ADA to interact seamlessly with various DeFi protocols, broadening the opportunities for ADA holders. The third product, OmniVM AVS, provides support for launching new projects by offering liquidity and assistance to emerging Layer-3 ecosystems. These products collectively aim to bridge the gap between staking and DeFi, offering more flexibility to Cardano users.
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