In the months ahead Dash holders will gain access to a broad range of DeFi (decentralized finance) based services via a partnership with StakeHound. As per the media release, tokens staked with StakeHound will also receive network rewards via the Dash masternode system.
To benefit from the exploding DeFi market, Dash holders must channel their tokens to StakeHound, which will then create and remit back a wrapped ERC-20 token, referred to as stakedDASH, on a real-time basis.
It will be possible to trade StakedDASH and use it in top DeFi platforms such as UniSwap, Curve, Aave and others, utilizing the Ethereum or Radix networks. At any point in time, StakedDASH can be exchanged for actual Dash tokens.
In the meantime, the Dash tokens possessed by StakeHound will be stored in a masternode and generate network rewards at usual rate before disbursing to users as extra stakedDASH.
This will pave way for Dash holders to realize the benefits of network staking, but without a necessity to freeze the 1,000 Dash required to establish their own masternode. The least quantity necessary to participate in staking via StakeHound is only 1 Dash, valued at $66.95 at the time of writing this article.
As per Mark Mason, Dash marketing manager, the partnership will not only permit Dash users gain access to DeFi but also permit DeFi users gain access to Dash crypto.
Mason stated that the bridge “provides an additional on-ramp for DeFi, but more importantly a much-needed off-ramp for DeFi users who wish to easily convert their gains into a well-established scarce cryptocurrency with utility beyond the DeFi ecosystem. This allows DeFi users to exchange DeFi tokens for Dash enabling them to actually spend and use those tokens in the real world.”
Albert Castellana, founder and CEO of StakeHound, has revealed a plan to develop and embed DeFi abilities in the forthcoming Dash platform. The suggested development plan will pave way for data to be held inside the network by the way of a decentralized cloud service.
