Helio Protocol Announces Merger with Synclub to Broaden up the DeFi Sector

A popular Web3-based payment platform Helio Protocol has recently announced a merger with Synclub.io (a PoS infrastructure providing forum). The respective merger is focused on establishing a united entity for advancing the LSTs’ future in the decentralized finance (DeFi) world. Helio announced this collaboration on Twitter. Additionally, the platform shared a blog post on Medium in which it discussed the details of its latest move.

Helio Protocol and Synclub Carry out a Merger to Enhance the DeFi Sector

The platform noted that it is determined to offer an exclusive consumer experience along with the provision of increased flexibility to the users. It added that the firm continuously endeavours to assist clients in safely and securely managing the assets in their possession. This merger plays an important role in achieving this objective.

In addition to this, the platform also has a strategy to create a unique foundation with the respective merger. At present the company has not allotted any name to that foundation. As per the platform, the foundation is expected to be completely established just within one year. Helio mentioned that this move will result in important modifications to the company’s operational structure.

In simple words, the foundation will focus on administering Helio and Synclub’s full revenue flow. This will bring a level of alignment and oversight that was formerly unseen in the operations of the platform. The respective alignment will cover the entirety of the crucial verticals of the company’s operations. In this respect, the integration of business development, risk management, and security will be incorporated under a combined plan. Along with this, while keeping in view the latest foundation, the company intends to release a governance token.

The Platform Also Plans to Release a Governance Token

It asserted that just one exclusive token is to be used for voting and governance across the sub-entities. This would further reinforce the alignment of the interests shared by both the collaborating parties. Eventually, the merger deal leverages the design and expertise of Synclub in infrastructure related to staking-as-a-service facilities. Additionally, the contract combines this with HAY (the decentralized and LST-backed stablecoin of Helio Protocol).

The company also discussed the motivation at the back of this move. The company disclosed that its roadmap has an important thing related to the diversification of Total Value Locked among several liquid staking-providing firms. According to it, this minimizes the risk related to depending on a sole provider.

Sourced from cryptonews.net.

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