By working with StakeHound, DASH owners will soon be able to use various decentralized finance or DeFi services.
According to Monday’s announcement, tokens stored in StakeHound will also receive network rewards via the Dash masternode system.
To take advantage of the rapidly growing DeFi market, DASH owners must send tokens to StakeHound. StakeHound then immediately generates a packaged ERC-20 representation called stackedDASH and sends it back.
StakedDASH will use the Ethereum or Radix network to trade on major DeFi platforms such as Uniswap, Aave and Curve. Users can also be convert the DeFi tokens back to the original DASH token at any time.
At the same time, StakeHound stores the Dash tokens received in a masternode. They receive a standard network premium rate that is issued to users as an additional staked DASH. This allows Dash owners to take advantage of network capital without having to lock down the 1,000 Dash required to create their own masternode. The minimum amount required to wager on StakeHound is only 1 DASH. As at press time, 1 DASH is worth $66.97.
Mark Mason, Marketing Manager for DASH, said this collaboration will not only allow DASH users to access DeFi but also DeFi users to access Dash.
According to Mason, the bridge provides an additional entry point for DeFi users who want to easily convert revenue into a fully functional, scarce cryptocurrency, and its utility exceeds Dei Ecosystem. This allows DeFi users to swap DeFi tokens for Dash and so actually use those tokens in the real world.
StakeHound Prepared to Build More DeFi Platforms
StakeHound founder and CEO Albert Castellana also expressed his intention to build DeFi capabilities. Also, the platform will integrate the DeFI capabilities into the upcoming Dash platform. This proposed development will enable data storage within the network in the form of decentralized cloud services.