Dash holders will soon have access to a wide range of Decentralized Financial Services, or DeFi, through a partnership with StakeHound.

According to Monday’s announcement, StakeHound tokens will also bring network rewards through the main Dash node system.

To take advantage of the growing DeFi market, Dash holders must submit tokens to StakeHound, which will immediately create and repackage an ERC-20 envelope called stakedDASH.

StakedDASH will be marketed and used on major DeFi platforms such as UniSwap, Aave, Curve and others using the Ethereum or Radix networks. It can also be converted back to the original Dash icons at any time.

In the meantime, the Dash tokens owned by StakeHound will be held in the master node and will speed up the standard network rewards that will be issued to users in the form of additional stakedDASH.

This will allow Dash holders to take advantage of the network, but without the need to unlock the 1000 Dash needed to create their own master node. The minimum wagering requirement for StakeHound is just 1 Dash with a value of $ 66.97 at time of publication.

The collaboration will not only give Dash users access to DeFi, but also DeFi users access to Dash, according to Dash Marketing Director Mark Mason.

Mason said the bridge “provides additional access to DeFi, but more importantly, it represents a much needed exit ramp for DeFi users looking to easily convert winnings into established cryptocurrency with tools outside of the DeFi ecosystem. This allows DeFi users to do just that. … tokens for Dash so they can actually use those tokens in the real world. ”

StakeHound founder and CEO Albert Castellana also announced his intention to build and integrate DeFi capabilities into the future Dash platform. As Cointelegraph mentioned, this proposed development will allow data to be stored on the network as a decentralized cloud service.

Source: CoinTelegraph