As per the official announcement last Monday, Dash and StakeHound are partnering up to develop a bridge that connects Dash with the still-surging DeFi sector – providing its users access to many DeFi services. Notably, the tokens deposited on StakeHound may also accumulate network rewards via the masternode framework of Dash. This collaborative project is admittedly the partnering firm’s joint effort to capitalize on the DeFi market.
For DASH holders to take advantage of the booming DeFi market, they must first send their tokens to StakeHound, which will promptly generate and return a wrapped ERC-20 token alternative – the StakedDASH. By utilizing Radix or Ethereum networks, StakedDASH will be usable and tradable to some of DeFi’s most noteworthy platforms such as Aave and UniSwap. On top of that, the ERC-20 token representation may be converted back to DASH whenever the holder wishes so.
The DASH tokens on StakeHound, as briefly noted above, will be kept within a masternode. It will earn typical network rewards, which will be given to users in the form of extra StakedDASH. This allows holders to reap the benefits of network staking without having to commit 1,000 DASH tokens, which was the requirement to build their very own masternode.
StakeHound’s founder and CEO, Albert Castellana, noted that he and his team are dedicated to bring DeFi – its capabilities and services – to the Dash platform. Meanwhile, the marketing manager of Dash, Mark Mason, stated that their collaboration with StakeHound would not only give Dash users access to DeFi; it also works the other way around. Once StakedDASH launches, DeFi users may now come into Dash as well.
StakedDASH is scheduled to launch before the end of 2020.