Payment-focused crypto project Dash (DASH) officially bridges Ethereum DeFi.
Dash was able to enter decentralized finance thanks to the partnership with DeFi gateway protocol StakeHound, according to the announcement made Wednesday. Dash owners will be able to interact with DeFi protocols on the Ethereum blockchain as part of this partnership.
Dash holders will be able to stake their tokens and participate in yield farming (trading by leasing cryptocurrencies) while taking advantage of the credit markets and arbitrage facilities within Ethereum DeFi.
About: What is Staking? Is Staking Profitable?
ERC-20 wrapped stDASH token holders, on the other hand, will allegedly be able to provide liquidity on automated market maker platforms such as Uniswap and receive some share from the transaction fees in this process.
To facilitate the process of bridging Ethereum, StakeHound will offer wrapped stDASH tokens, a one-to-one representation of Dash accumulators’ balances. Dash announced in the announcement that the original DASH tokens will be stored by StakeHound.
In this process, StakeHound will also stake the DASH deposited by users and distribute additional stDASH rewards.