DASH holders can soon expect to receive staking rewards without even having to stake it. Last October, we announced the partnership between StakeHound,DASH NEXT and Dash Core Group to launch the ERC-20 wrapped token stDASH.
StakeHound brings liquidity to Proof-of-Stake protocols by bridging the gap between them and Ethereum’s DeFi ecosystem. Wrapping DASH into an ERC-20 version of it, stDASH, means that DASH holders can generate additional yield through major DeFi applications while receiving stable staking rewards.
A quick recap on the benefits and usage of stDASH:
- Earn staking rewards: Holders of stakedDASH (stDASH) will receive a proportional part of DASH staking rewards, depending on the size of their stDASH holdings.
- Arbitrage opportunities: StakedDASH can be freely traded on the open market thus creating opportunities for arbitrage.
- Provide liquidity through DeFi: Holders can make additional income by providing liquidity on decentralized exchanges, also known as yield farming.
- Lending and borrowing: stDASH can be used in multiple DeFi applications for lending and borrowing; creating various opportunities for stDASH holders who can now also borrow against their staked tokens.
This is Dash’s first move into Ethereum’s world of DeFi. The testnet has already been launched and open for anyone to participate and test without risking any cryptocurrencies. If you are ready for the real deal, it is now live on the mainnet through Uniswap.
A liquid staking enabler – StakeHound brings the benefits of both DeFi and Staking together. With three major protocols already live: stETH, stXEM and stFIRO, StakeHound is focused on building bridges between staking protocols and Ethereum’s DeFi.
In the upcoming months, StakeHound will be issuing other staked tokens such as stZEN, stXRD and stDOT among others.
- Website: www.stakehound.com
- Twitter: @stakedTokens
- Discord: [stDASH Community]
- Telegram: t.me/Stakehound
- Facebook: fb.com/StakeHound
- YouTube: StakeHound
- LinkedIn: StakeHound
Dash is digital cash designed to offer financial freedom to everyone. Dash allows millions of individuals across the globe to carry out instantly re-spendable and secure transactions, with near-zero fees. Built to support real-life use cases, Dash is the leading decentralized payment solution: it is accepted at merchants globally, accessible via 1,600+ ATMs and 100+ exchanges worldwide. Dash has pioneered groundbreaking features including a two-tier network with incentivized nodes and decentralized project governance (Masternodes), instantly settled payments (InstantSend), instantly immutable blockchain (ChainLocks) and more. The Dash Network’s development is supported by Dash Core Group, the largest organization funded by the Dash Treasury, which supports and nurtures the continued worldwide development and integration of Dash. For more information, visit https://www.dash.org/ or follow the organization on Twitter @DashPay.