Helio

Stablecoin

Helio is a decentralized borrowing protocol that lets users borrow the HAY stablecoin in exchange for depositing BNB or BUSD as collateral.

Risk Rating
Watch Out
Protocol Code Quality
Protocol Maturity
Protocol Design
Summary
What we like
Helio is a new borrowing protocol built on the BNB Chain that enables loans paid out in its own HAY stablecoin, which is overcollateralized by BNB assets.
What we like less
Helio stakes the underlying BNB collateral to earn staking rewards, which exposes users to the additional technical risks of the liquid staking platform, Ankr.
What it means for you
Offers you a simple way to borrow a decentralized stablecoin and put it to use to earn yield for you across DeFi.
Information
Info
  • Website
  • Token: HELIO
  • Tags: Stablecoin
Key Metrics
  • TVL: $176.9M (Rank #54)
  • TVL Ranking by Stablecoin: #0
  • Blockchain: Binance
  • Chain TVL
    • Binance: $176.85M
Risk Assessment
Watch Out
Protocol Code Quality
  • Code reviewed by several experienced auditors including CertiK, PeckShield, and SlowMist
  • Anonymous team reduces transparency
  • No documented protocol hacks since launch
Protocol Maturity
  • Latest protocol version launched in 2022; maturity over one year minimizes technical risk as smart contracts are well battle-tested
  • Top 10% by total value locked reduces risk
  • Multisig wallet controls protocol upgrades
  • Multisig consists of less than 4 signers, which makes the protocol more susceptible to centralization risks
  • No timelock exists or no information documented, which mean a malicious actor could approve upgrades without any delay
  • No governance token and/or contracts are fully immutable
Protocol Design
  • No death spiral concerns
  • Robust controls to mitigate oracle price manipulation
  • Isolated markets enable asset risks to be contained to each individual pool without impacting the entire protocol
  • Solid controls in place to prevent risky borrowing
  • Solid mechanisms in place to ensure healthy liquidations
  • Basic method to accrue protocol reserves
Things to know about Helio

How Helio works

Helio is a decentralized borrowing protocol that allows borrowers to draw loans against BNB or BUSD as collateral. Loans are paid out in HAY, a USD pegged stablecoin with a collateralization ratio of at least 150%. Helio maintains the price stability of HAY through natural market forces like arbitrage. When HAY is trading above $1, borrowers are incentivized to borrow more HAY to sell for other assets. When HAY is trading below $1, borrowers are incentivized to buy HAY from the market to pay back their debt.

How Helio makes money

Helio collects borrowing interest on all HAY generated through its smart contracts, as well as staking rewards from the conversion of BNB collateral to Ankr's liquid-staked BNB (AnkrBNB), and distributes it all to the protocol's revenue pool. This revenue pool is governed by the Helio DAO to decide how much will be used for buyback-and-burns, fund third-party risk assessments, held as a reserve pool for risk management, and further incentivize borrowers and liquidity providers (LPs).

How you make money on Helio

You can deposit BNB or BUSD into the Helio vaults to mint HAY to be used across DeFi for lending and market making. You can also stake your HAY on the platform to earn staking rewards or pair your HAY with BUSD to farm LP rewards on PancakeSwap and Ellipsis.