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 Crypto Genius users to access DeFi 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.