Dash Now Has A DeFi Solution

The new collaboration of Dash and StakeHound is aimed to provide Dash token holders with access to a wide range of decentralized financial services (DeFi). According to the official StakeHound announcement, Dash users will be able to interact directly with DeFi apps and additionally receive cryptocurrency rewards. The partnership includes DASH NEXT and the Dash Core Group.

The main focus of the partnership will be the creation of StakedDASH, which will be the bridge between DASH and the Ethereum DeFi ecosystem. To do this, Dash holders must deposit tokens to StakeHound, which will generate a token called StakedDASH. The post also describes the various uses of this token in the DeFi ecosystem. Token holders can carry out yield farming by providing liquidity to the DeFi platforms.

StakedDASH will be traded and can be used on major DeFi platforms such as UniSwap, Aave, Curve and more. Tokens can also be converted back to the original Dash tokens at any time. The Dash tokens owned by StakeHound are meanwhile held in a masternode and receive the network's standard reward, which in turn is given out to users as an additional StakedDASH. The minimum amount required to stake with StakeHound is 1 Dash.

Image courtesy of Medium