- Dash holders will soon gain access to a wide range of decentralized finance or DeFI services.
- This is possible due to their collaboration with stakeHound. Through the Dash masternode system, StakeHound will also earn national rewards.
Over the last few months, there has been a craze to create multiple financial products and applications to work on a decentralized platform. Due to this news, there is a tremendous increase in the value that was locked in the Defi applications in the past 12 months. Such growth clearly indicated the importance of such products to all the holders and users of cryptocurrency. Everyone is excited to see how this partnership evolves and its results in the future.
How Stakehound Wraps Dash?
Stakehound is a dedicated staking platform allowing users to stake several types of cryptocurrency tokens that are already Defi compatible
The platform is designed in such a way that it stakes the tokens and runs masternodes for the users which finally gives them a 1:1 representation of their token. The platform also stakes the received token and provides the users with appropriate rewards to users in addition to their stakedDASH tokens.
To take the advantage of this partnership, Dash holders need to send tokens to Stakehound, which will instantly generate a return called stakedDASH which is a wrapped ERP-20 representation. StakedDASH is tradeable on many major Defi platforms such as Aave, Curve. Unisap, and many more. Facility to convert ERC-20 tokens back to original Dash tokens is also available
Through this bridge, the Dash owners enjoy the benefits of network staking. You will not need 1000 dashes to create one masternode as the minimum amount required to bet through Stakehound is kept at one dash which is worth $66.97 at the publication time. Mark Mason says this will give Dash users to access Dash and vice-versa.
StakeHound also issues tokens on both Radix and Ethereum blockchains allowing users to interact with the different ecosystems through this cross-ledger functionality.
Dash Price Explodes to 18% Soon after the DeFi Announcement
Minutes after the announcement the Dash prices explode to 5% with further continuation. The prices went up to $78.5.Through this bridge, the holders can also partake in yield farming by providing liquidity to the Defi platforms. The same platform can also be used to borrow or lend against the staked DASH tokens.