Payments-focused cryptocurrency Dash now has a bridge to DeFi

Published at: Oct. 19, 2020

Dash holders will soon be able to access a wide range of decentralized finance, or DeFi, services through a collaboration with StakeHound.

According to an announcement on Monday, tokens that are deposited with StakeHound will also earn network rewards through the Dash masternode system.

In order to take advantage of the burgeoning DeFi market, Dash holders must send tokens to StakeHound, which will then instantly generate and send back a wrapped ERC-20 representation called stakedDASH.

StakedDASH will be tradable and usable in major DeFi platforms such as UniSwap, Aave, Curve and others, using the Ethereum or Radix networks. They will also be able to be converted back into the original Dash tokens at any point.

Meanwhile, the Dash tokens held by StakeHound will be held in a masternode and earn the standard rate of network rewards, which will be issued to users as additional stakedDASH.

This will enable Dash holders to gain the benefits of network staking, but without needing to lock up the 1,000 Dash necessary to create their own masternode. The minimum amount required to stake through StakeHound is just 1 Dash, worth $66.97 at publishing time.

According to Dash marketing manager Mark Mason, the collaboration will not only allow Dash users access to DeFi but also allow DeFi users access to Dash.

Mason said that the bridge “provides an additional on-ramp for DeFi, but more importantly a much-needed off-ramp for DeFi users who wish to easily convert their gains into a well established scarce cryptocurrency with utility beyond the DeFi ecosystem. This allows DeFi users to exchange DeFi tokens for Dash enabling them to actually spend and use those tokens in the real world.”

StakeHound founder and CEO Albert Castellana also stated an intention to build and integrate DeFi capabilities into the upcoming Dash Platform. As Cointelegraph reported, this proposed development will enable data to be stored within the network in the form of a decentralized cloud service.

Tags
Business
Defi
Payments
Dash
Related Posts
Cointelegraph Consulting: Report pictures a crypto-consumer portrait
Bitcoin’s status as legal tender in El Salvador has recently sparked a new round of discussion concerning Bitcoin (BTC) and its role in the world economy. Despite ambiguous reactions from institutions such as JPMorgan Chase and the World Bank, some feel that Bitcoin’s status as a means of payment is now more explicit than ever. Meanwhile, the perception of Bitcoin among retail users is contrasted sharply by institutional uncertainty. A recent study by CryptoRefills, a company that sells vouchers and gift cards in exchange for cryptocurrency, seems to suggest that many users view Bitcoin as a useful way to pay …
Technology / June 18, 2021
Dash rolls out Ethereum DeFi bridge with staking and yield farming
Payments-focused crypto project Dash (DASH) is officially launching its Ethereum DeFi bridge. According to an announcement issued on Wednesday, the foray into decentralized finance is made possible via a partnership with DeFi gateway protocol StakeHound and will see Dash holders able to interact with DeFi protocols on the Ethereum chain. Dash holders will be able to stake their tokens and participate in yield farming while also gaining exposure to lending markets and arbitrage opportunities within the Ethereum DeFi matrix. Holders of ERC-20 wrapped stDASH tokens will also reportedly be able to provide liquidity on automated market maker platforms like Uniswap …
Altcoin / March 10, 2021
Celsius Users Can Now Buy Tether Gold via Debit and Credit Cards
Celsius Network is expanding its partnership with fiat-to-crypto payments provider, Simplex, by enabling its users to buy more crypto with credit and debit cards. Celsius, a major crypto lending startup, now allows its users to purchase gold-backed stablecoin Tether Gold (XAUT) using debit and credit cards. Announcing the news on May 28, Celsius said that the minimum purchase amount for XAUT is $50, while the annual interest rate accounts for 4%. Tether Gold was rolled out for depositing on Celsius app earlier in May Alongside Tether Gold, the new integration with Simplex also unlocks credit and debit card purchases for …
Business / May 28, 2020
Presenting Crypto Finance Conference in St. Moritz
The annual Crypto Finance Conference (CfC), an international conference on digital asset and blockchain conceived for sophisticated investors and decision makers, will be held on Jan. 20–22, 2021. Among featured speakers there will be representatives of Winklevoss Capital, Swiss National Bank, the European Parliament, Ledger and others. Cointelegraph serves as the main media partner for the CfC St. Moritz 2021 and prepared a special page dedicated to the event. The program of the three-day event will include discussions on the macro-perspective and micro-perspective on the industry – on Jan. 20 and 21, and focus events about social impact and decentralization …
Adoption / Nov. 11, 2020
The history and evolution of the fintech industry
The financial technology (fintech) industry has its roots in the late 20th century, with the advent of electronic banking and online stock trading. Since then, fintech has expanded and changed over time as a result of technological and internet advances. As a result, new financial services and products have been created with the intention of enhancing accessibility, simplicity and effectiveness in the financial services industry. The 2008 global financial crisis aided the growth of fintech by increasing customer demand for non-traditional banking and financial services. By enabling customers to access financial services from any location at any time, the rise …
Adoption / Feb. 7, 2023