ROAD TOWN, British Virgin Islands, Sept. 23, 2024 (GLOBE NEWSWIRE) — Helix Labs, a pioneering protocol supporting an AltVM future through restaking beyond ETH, today announced the successful closure of its pre-seed funding round, raising $2 million at a $40 million valuation. The round was led by prominent investors including Tribe Capital, EMURGO Ventures, Taureon Capital, LD Capital, and Double Peak Group.
Helix Labs is developing a groundbreaking protocol that maximizes yield earning opportunities for non-ETH L1 asset holders through restaking and supports a MoveVM rollup future through liquidity abstraction and its OmniVM stack. The company’s innovative approach aims to enhance token utility, expand EigenFi capacity, and provide liquidity as a service to emerging L3 ecosystems.
Unlocking $12B of Liquidity in Cardano’s ADA
In a significant development for the Cardano ecosystem, Helix Labs’ technology will unlock approximately $12 billion in liquidity by allowing token holders of Cardano’s native cryptocurrency, ADA, to stake their assets while receiving liquid staked ADA. This can then be bridged to Movement, opening up a vast array of DeFi opportunities that were previously inaccessible to Cardano users.
“We’re thrilled to have the support of such esteemed investors as we work to reshape the landscape of restaking and liquidity provision in the blockchain space,” said Sneh Bhatt, CEO of Helix Labs. “This funding will accelerate our mission to increase the use-cases of canonical L1 assets, solve the ‘cold start’ problem for L3s by supplying them with liquidity and users, and bring Cardano’s massive liquidity into the broader DeFi ecosystem.”
Helix Labs offers three key products:
- Helix Vault: Integrates liquid staking protocols and liquid restaking protocols on various Layer-1 Blockchains, including Cardano.
- UniRollup L2: A single Move Stack roll-up structure hosting LSTs from L1s to be restaked, enabling seamless integration of liquid staked ADA into diverse DeFi protocols.
- OmniVM AVS: Facilitates the bootstrapping of emerging L3 ecosystems within the Movement Ecosystem and beyond via liquidity abstraction.
The Helix Labs team is comprised of individuals with technical expertise across the DeFi space and led by CEO Sneh Bhatt, who brings a wealth of experience from his background in systems and nuclear engineering, as well as his roles as Founder of Monarch wallet and whitepaper author and tech advisor for Trust wallet (acquired by Binance).
In addition to the funding announcement, Helix Labs is proud to join Movement Labs’ Move Collective accelerator program. This partnership will provide Helix Labs with valuable resources and support as they continue to develop their innovative solutions for the blockchain ecosystem.
“We’re excited to welcome Helix Labs to the Move Collective,” said Rushi Manche, Co-Founder, Movement Labs. “Their unique approach to restaking and liquidity provision aligns perfectly with our mission to accelerate the growth of groundbreaking blockchain projects. By streaming Cardano’s ADA to Movement, Helix is opening up unprecedented opportunities for DeFi utility, including lending, AMMs, perp DEX’s and more. We look forward to supporting Helix Labs as they work to create a more efficient and accessible decentralized finance landscape.”
For more information about Helix Labs and their revolutionary protocol, please visit their Gitbook at https://docs.helixlabs.org/ or explore their LinkTree at https://linktr.ee/helixlabs.
About Helix Labs
Helix Labs is a pioneering protocol that maximizes yield earning opportunities for non-ETH L1 asset holders through restaking and supports an OmniVM rollup future through liquidity abstraction. By enhancing token utility, expanding EigenFi capacity, and providing liquidity as a service, Helix Labs is paving the way for a more robust and interconnected blockchain ecosystem.
About Movement Labs
Movement Labs is the innovative force behind the Movement Network, an ecosystem of Modular Move-Based Blockchains that enables developers to build secure, performant, and interoperable blockchain applications, bridging the gap between Move and EVM ecosystems. The organization is developing the first Move Virtual Machine L2 for Ethereum, alongside open-source tooling and protocols to facilitate the adoption of the Move programming language across blockchain ecosystems. Follow the team’s exciting news on X and on Discord.
Contact:
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11fdd469-9679-49f0-8b17-317bd965068e