Holders of Dash cryptocurrency will soon be able to earn network rewards by depositing funds via StakeHound. The payments focused Dash cryptocurrency has partnered with StakeHound while offering extra on-ramp services for DeFi.
Bridging Towards DeFi
On October 19, 2020, Dash officially announced the partnership to allow its users to earn network rewards by depositing funds through StakeHound. Holders of the coins will soon be able to access decentralized finance services while letting users of DeFi access Dash.
DASH Partners with StakeHound Enabling Ethereum DeFi Users to Earn Rewards with StakedDASH@stakedTokens partners with DASH NEXT and Dash Core Group to offer DASH users access to DeFi applications while earning staking rewards.https://t.co/gdf7I1pxEI pic.twitter.com/c3qWlI8Y12
— Dash (@Dashpay) October 19, 2020
Felix Mago, DASH NEXT’s co-founder, said:
“With DeFi, different Blockchains are finally coming together. I am very excited about this partnership as it provides DASH users the benefits of DeFi applications such as lending or borrowing, and Ethereum users with an easy way to use DASH’s established global payment ecosystem.”
The StakedDASH tokens can be generated without running a Masternode. Users only need to sign up and send their Dash holdings to StakeHound which automatically stakes these tokens to generate rewards. Users then receive ERC-20 versions of Dash cryptocurrency tokens onto their Ethereum wallets.
New Doors For Both Dash and ERC-20 Users
The minimum amount needed to stake through StakeHound is 1 Dash, worth $75.01 at press time. The StakedDASH tokens are tradable in top decentralized finance platforms such as UniSwap, Aave, Curve, and others, using the Ethereum or Radix networks. The announcement further noted that the wrapped token will soon launch by the end of the year.
Ryan Taylor, the CEO of Dash Core Group, comments on the partnership:
“With Dash extending into DeFi as a result of this partnership, new doors, and use cases will be available to Dash cryptocurrency users as well as ERC-20 blockchain users. This functionality provides the ability for one to explore the world of DeFi or from the other side, the world of Dash while continuing to see returns through staked Dash.”