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Several altcoins have built bridges with the decentralized finance (DeFi) industry in recent months. Dash (DASH) is no exception to this trend and has announced a partnership with staking platform StakeHound.
StakeHound Partnership a defining one for Dash
Dash revealed in a press release that the partnership with StakeHound would allow Dash users to access DeFi applications. StakeHound will serve as a bridge connecting Dash with the Ethereum Defi ecosystem.
The partnership will also provide Dash users with DeFi benefits like lending and yielding. In contrast, Ethereum users will access the DASH global payment ecosystem within the StakeHound platform. This provides added liquidity for Dash and helps the blockchain gain a foothold within the DeFi sector.
Dash users will send their coins to StakeHound, which will instantly generate a StakeDASH token. This is a wrapped token in the form of ERC-20 that has the same valuation as the original DASH token.
Masternodes and rewards
For its part, StakeHound will keep the user’s DASH on masternodes and will reward them with tokens generated periodically. Users can also exchange StakedDASH for DASH at any time and can also trade the token on exchanges.
The minimum amount required to access StakeHound is 1 Dash, which is valued at $76 at the time of publication. Ryan Taylor, CEO of Dash Core Group, welcomed this partnership, which opens Dash to a dynamic sector.
“This is certainly a unique and exciting partnership for the Dash Network. With Dash extending into DeFi as a result of this partnership, new doors and use cases will be available to Dash users as well as ERC-20 blockchain users.’’
This entry into Decentralized finance is part of a fundamental movement for the altcoin that is looking to evolve. Dash has been making a transition from a privacy coin to one that can harness the blockchain industry’s growth potentials. This shift towards DeFi is another way for Dash to legitimacy and opens the door to a range of possibilities.