Dash Rallies On A DeFi Bridge
Dash (DASH), one of the most widely adopted cryptocurrencies in the market, outperformed 98 largest coins by market capitalization today, rallying on a decentralized finance (DeFi)-related partnership news.
At the time of writing (12:08 UTC), DASH is trading at a price of almost USD 74, jumping up 10% in the past 24 hours, ranking it 30th amongst the top contenders. The price is also up by 1% in a week and almost 3% in a month.
DASH price chart:
Yesterday, Dash said it has partnered with StakeHound, a project that aims to “bring staking and DeFi together,” in a bid to bring a suite of DeFi services and applications to its users. Dash users will now have a DeFi ‘bridge’ between DASH and the ever-expanding Ethereum (ETH) DeFi ecosystem. In order to access the DeFi pool, Dash users are required to send their DASH to StakeHound, which then creates and sends back stakedDASH, which is a wrapped token that is now an ERC-20 representation of the original crypto.
Having one of the most dedicated communities backing it, DASH users are now granted access to the swathes of DeFi products and applications that are modernising the digital currency economy, including Uniswap, Curve, Synthetix and so on.
Also, StakedDASH is somewhat of a double earner as not only can it be used on DeFi protocols that yield passive income once stakes, for example on borrowing and lending platforms such as dYdX, but also simply depositing DASH to StakeHound will also allow users to earn network rewards through the Dash masternode.
This latest partnership may prove fruitful for both parties, as now Dash can experiment further with the potential of Dash within DeFi protocols, as well as developing and integrating DeFi into the upcoming Dash Platform.
”With Dash extending into DeFi as a result of this partnership, new doors and use cases will be available to Dash users as well as ERC-20 blockchain users. This functionality provides the ability for one to explore the world of DeFi or from the other side, the world of Dash while continuing to see returns through staked Dash,” Ryan Taylor, CEO of Dash Core Group, said.