Dash Launches Staking, Yield Farming Through Ethereum Bridge
- StakeHound will issue a 1:1 ERC-20 representation of DASH on Ethereum.
- Users will be able to use the stDASH tokens to access a wide array of DeFi apps.
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According to an announcement published on 10 March, Dash partnered with DeFi gateway protocol StakeHound to launch the ERC-20 wrapped DASH token. DASH NEXT and the Dash Core Group will also participate in the project, the company said.
The wrapping process will be performed by StakeHound. Users will send their DASH tokens to the platform, which will then be stored under an institutional-grade custody solution. All of the stored DASH will be insured and have the ability to be audited in real-time on the ledger. As soon as it receives the DASH tokens, StakeHound will instantly generate a 1:1 ERC-20 representation of the token called stakedDASH. The new stDASH can be immediately used in Ethereum DeFi applications.
Users will be able to earn staking rewards both from DASH and stDASH, as StakeHound will stake the DASH tokens it receives. Users will be able to swap their stDASH for DASH tokens at any time.
Those that hold stDASH will be able to earn staking rewards, trade tokens to access arbitrage opportunities, provide liquidity on decentralized exchanges, and allocate the tokens to borrowing and lending dApps on Ethereum.
The company has also launched the stDASH testnet for users that want to familiarize themselves with the process of acquiring the tokens and providing liquidity.
- The new SEBA Earn product will enable customers to earn yields from proof-of-stake protocols such as Polkadot, Tezos and Cardano.
- Institutions will also have access to DeFi programs, in addition to centralized lending and borrowing of BTC and ETH.
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- The integration with Liquid’s Quick Exchange will enable users to purchase DASH with VISA cards.
- In the following phases of the integration, users will be able to swap assets in Quick Exchange and transfer DASH from their Liquid accounts to their Dash Wallets.
- 88i will utilize the Dash network to register and verify claims and transactions in real-time.
- The company will also integrate $DASH as a method of payment.