Helio Protocol has announced a merger with Synclub.io in a bid to offer remarkable experience to its users. In a Tuesday blog post, the protocol noted that the merger will now allow its customers to enjoy advanced flexibility in managing their digital assets. More so, the merger will provide a secure and reliable environment for these users to effectively leverage their holdings.
In the blog post, Helio also unveiled its plan to develop a novel foundation through the merger. Although the foundation is yet to be named, the protocol said its full establishment will unfold before the end of 2023. It said the new development will significantly alter its operational structure.
It is worthy of note that the new foundation will be responsible for administering the complete revenue flow of the two firms. By so doing, it avails a high level of oversight not obtainable in Helio’s operations before. More so, the new foundation, according to Helio will spread across every necessary area of its operations, fostering business advancement, marketing, security, and many more under a unified framework. Meanwhile, Helio said the new foundation will issue a governance token. This token, as revealed, will serve as the only governance token for voting in the ecosystem.
The duo seeks to keep pushing boundaries to deliver unique value to its community. Through the merger, Synclub aims to combine its staking-as-a-service infrastructure and design with Helio protocol’s LST-backed and decentralized stablecoin, HAY.
Buyback program by Helio
Recall that in December, Helio commenced the first batch of its buyback program for $HAY. The protocol made the move as part of its efforts to keep the token to its 1:1 dollar ratio. Earlier, it suffered an exploitation which led to the loss of over $15 million. According to the findings, the attacker compromised the oracle network of the protocol to carry out the exploitation.
Before the attack on Helio, Ankr also suffered similar exploitation. There, the attacker exploited 5 million USDC and converted the funds into $HAY. Several reports however indicated that the attack on Ankr aided the exploitation of Helio. Due to this, both Helio and Ankr collaborated to aid the repeg of $HAY. The collaboration allowed Ankr to buy the excessive $HAY minted by the attacker.