Dash in turn launches into decentralized finance (DeFi)
Several altcoins have built bridges with the decentralized finance (DeFi) industry in recent months. And Dash (DASH) is no exception to this trend, since its teams have just announced a partnership with StakeHound.
Dash arrives in the DeFi sector
As an altcoin press release explains , the partnership has been established between StakeHound and DASH NEXT / Dash Core Group. It will allow Dash users to access Crypto Code applications , while generating staking rewards. For StakeHound, it is about “ connecting two systems and opening a door to more liquidity. “
Concretely, users will be able to send their coins to StakeHound, which will instantly generate stakedDASH . This is a “wrapped” token in the form of ERC-20. This stakedDASH will be compatible with major decentralized finance platforms, including Uniswap, Curve or Aave.
Masternodes and rewards
For its part, StakeHound will keep users‘ DASHs on masternodes , and will donate the rewards thus generated periodically. The stakedDASH will be exchangeable for DASH at any time. The minimum amount to access StakeHound is 1 Dash, or around $ 76 this morning.
Dash StakeHound DeFi operation
Ryan Taylor, CEO of Dash Core Group, welcomed this partnership, which opens Dash to a particularly dynamic sector at the moment:
“New doors and new use cases will be available for Dash users […] I look forward to seeing how this partnership evolves and the far-reaching work that will result. “
This advance is in any case part of a fundamental movement for the altcoin. Earlier this month, the teams had made a major communication change: Dash is no longer presented as a privacy altcoin . This shift towards DeFi is therefore probably another way for Dash to give itself new legitimacy.