Summary
Helio Protocol and Synclub propose to have its native BNB LST, SnBNB listed on the Isolated Lending Market of Venus. Here we elaborate on why including SnBNB could add value to Venus Protocol.
Background
About Helio Protocol & Synclub
Helio Protocol combines over-collateralized, decentralized stablecoin lending and borrowing on BNB Chain with multi-chain StaaS and LSDfi services through its Synclub offerings. Currently, Helio Protocol has achieved 15,000 HAY holders and an estimated 300 million USD in TVL, of which 260 million USD are assets under management on Synclub’s validator node.
Helio Protocol and Synclub have recently merged to form a united entity to advance the future of LSTs in DeFi. This merger combines Synclub’s expertise in staking infrastructure and design with Helio Protocol’s capital efficient, LST-backed decentralized stablecoin, HAY. Users can expect enhanced LSTFi offerings, accessibility of HAY, and many more!
About SnBNB
Synclub enables SnBNB as its yield-bearing & liquid staking token, which appreciates against BNB in line with BNB’s staking APR. Users can freely transact with SnBNB or use it as collateral to earn yield across the DeFi ecosystem while earning staking rewards passively.
Benefits
Communities of Venus, Helio Protocol and Synclub can benefit from SnBNB listing on the Isolated Lending Market of Venus because they can provide their SnBNB tokens on the market and open them for other users to borrow. This way, users can earn with a decent APY instead of being passive holders. This will also be the first lending pool of SnBNB, so there are no other pools on the market where users can interact with lending and borrowing SnBNB.
Borrowers will be able to gain decent profit by exploring various options of SnBNB LP staking through major DEXes of the BNB chain with up to 23% APR, such as:
- SnBNB/BNB farms on Pancake Swap
- SnBNB/BNB pool on Wombat Exchange
Incentives
Helio Protocol and Synclub will provide HAY token incentives to increase rewards and bring more users to the Venus Protocol Platform. Existing Venus Protocol users can also enjoy the higher rewards generated by the HAY token incentives.
Seed liquidity: $10,000 in SnBNB
Incentive rewards for users: $3,000 in HAY ($2,000 in HAY for the first 4 weeks and $1,000 for the next 4 weeks.)
Specifications
SnBNB’s price feeds are available on Binance Oracle
SnBNB is a native BEP-20 token
Token Address:0xb0b84d294e0c75a6abe60171b70edeb2efd14a1b
Timeline
Within two weeks of the vote concluding
Documentation: SnBNB Docs
Website: https://www.synclub.io/
Security Audit: Slowmist Audit Report, Peckshield Audit Report
Bug Bounty: Helio Bug Bounties | Immunefi
Social Media
Twitter: https://twitter.com/helio_money?lang=en
Telegram: Telegram: Contact @helio_money
Telegram CN: Telegram: Contact @HeliomoneyCN
Discord: HELIO(HAY)
Medium: Helio.Money — HAY - Medium