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Dash owners will soon be able to access a wide range of decentralized finance services, or DeFi, through a partnership with StakeHound.
According to an announcement on Monday, tokens that are deposited with StakeHound will also earn network rewards through Dash’s Masternode system.
To take advantage of the burgeoning DeFi market, Dash holders must send tokens to StakeHound, which will immediately generate and return a packaged ERC-20 representation called stakedDASH.
StakedDASH will be tradable and usable on major DeFi platforms such as UniSwap, Aave, Curve and others, using Ethereum or Radix networks. They can also be converted back to the original Dash tokens at any time.
Meanwhile, Dash tokens held by StakeHound will be held in a masternode and will earn the standard rate of network rewards, which will be issued to users as an additional stakedDASH.
This will allow Dash owners to get the benefits of network staking, but without the need to block the 1,000 Dash needed to create their own masternode. The minimum amount required to wager through StakeHound is just 1 dash, valued at $ 66.97 at the time of publication.
According to Dash marketing manager Mark Mason, the collaboration will not only allow Dash users to access DeFi, but will also allow DeFi users to access Dash.
Mason said the bridge “provides an additional access ramp for DeFi, but more importantly a much-needed exit ramp for DeFi users who wish to easily convert their earnings into a well-established rare cryptocurrency with utility beyond the DeFi ecosystem. allows DeFi users to exchange DeFi tokens with Dash allowing them to actually spend and use those tokens in the real world. “
StakeHound founder and CEO Albert Castellana has also stated plans to build and integrate DeFi capabilities into the upcoming Dash platform. As Cointelegraph reported, this proposed development will allow data to be stored within the network in the form of a decentralized cloud service.
