Payments-focused crypto mission Dash (DASH) is formally launching its Ethereum DeFi bridge.
According to a statement issued on Wednesday, the foray into decentralized finance is made conceivable by way of a partnership with DeFi gateway protocol StakeHound and will see Dash holders ready to engage with DeFi protocols at the Ethereum chain.
Dash holders will be capable to stake their tokens and take part in yield farming whilst additionally gaining publicity to lending markets and arbitrage alternatives throughout the Ethereum DeFi matrix.
Holders of ERC-20 wrapped stDASH tokens may also reportedly be capable to supply liquidity on automatic marketplace maker platforms like Uniswap and earn a portion of the transaction charges within the procedure.
To facilitate the Ethereum bridging procedure, StakeHound will supply wrapped stDASH tokens that are a one-to-one illustration of the Dash holder’s stability. As a part of the announcement, Dash published that the unique DASH tokens will probably be held in protected custody by way of StakeHound.
While within the protected lockup, StakeHound may also stake the person’s DASH deposits and distribute further stDASH rewards.
Dash now joins different crypto tasks like Horizen (ZEN) and Firo (FIRO) in using StakeHound’s DeFi bridge.
DASH is these days up greater than 74% within the closing month regardless of dipping nearly 40% in past due February.