The price of Dash’s native token of the same name jumped 12 percent in the last 24 hours as traders assessed its entry into the booming “DeFi” space.
According to an announcement on Monday, the decentralized autonomous firm entered a partnership with StakeHound, a protocol that creates stake-backed tokens for users looking to access decentralized finance. The duo will enable DASH holders to stake their coins for a wrapped ERC20 crypto called stakedDASH.
Users will be able to trade stakedDASH via decentralized exchanges, including UniSwap, Curve, Aave, and others. At the same time, they will get to earn yields for staking their DASH holdings in the StakeHound pool, which would mean more stakedDASH rewards.
StakedDASH will become an essential bridge between #DASH and #Ethereum DeFi ecosystems.
Albert Castellana, CEO of StakeHound has stated his intention to explore opportunities to build and integrate #DeFi on Dash Platform.
Read more: https://t.co/gdf7I1pxEI pic.twitter.com/v4kBpmsWl4
— Dash (@Dashpay) October 19, 2020
The proposal intends to lift the burden of depositing 1,000 DASH units to create an income-returning Masternode. StakeHound demands a minimum of 1 DASH to earn the yields in stakedDASH. Mark Mason, the Dash project’s marketing manager, said that the partnership would give both DASH and DeFi users access to one another’s markets.
DASH Up
The news helped in creating an optimistic buying sentiment for DASH.
The cryptocurrency opened Monday near $67 but was trading for as high