Through cooperation: Dash creates Ethereum DeFi bridge
Dash and staking provider Stakehound jointly announce the launch of stakedDash. The token is not only intended to make Staking possible, it also serves as a bridge to Ethereum’s DeFi sector.
Dash is apparently building a bridge to Ethereum’s decentralised financial sector (DeFi). This is according to a press release on 10 March. Partnering with staking provider Stakehound, the crypto project now announces the launch of Bitcoin Trader stakedDash (stDash), a token based on the ERC-20 standard. Holders of the cryptocurrency will be able to use their tokens to participate in yield farming and liquidity mining, while gaining access to credit markets and arbitrage opportunities within the Ethereum DeFi matrix.
Users can send their Dash tokens to Stakehound, where they are stored under institutional standards. In exchange, one receives a one-to-one replacement in the form of stDash tokens, which one can then trade for arbitrage opportunities, for example. In parallel, Stakehound sends the staking rewards to the deposited wallet. According to the press release, there will be no deposit minimum or minimum term.
Founder and CEO Albert Castellana was euphoric about the launch:
Over the past 7 years, DASH has proven to have one of the most robust communities and innovative governance models in the crypto space. We are keen to promote the benefits of stakedDash in DeFi as well as explore the exciting opportunities that the upcoming Dash platform will bring.
Albert Castellana CEO and Founder of Dash
Currently, the Dash network is still in a test phase that is open to everyone. There, users can familiarise themselves with the concept. However, it is said that no real cryptocurrency is being used; it is more for demonstration purposes.
Dash plans payment integration with 155,000 US merchants
Dash hit the headlines back in mid-January when the Dash Investment Foundation announced it had invested in CrayPay. This is a loyalty platform where users earn rewards. Together, they want to drive the adoption of the cryptocurrency. To achieve this goal, they are negotiating with nearly 155,000 merchants in the US to approve Dash as a payment method.