StakeHound’s role will be holding user funds in custody, staking them, and distributing rewards.
The token has numerous uses, including staking, lending and borrowing, and yield farming.
DASH, a payments-focused crypto project, has rolled out stakedDASH (stDASH), creating a bridge to Ethereum’s DeFi ecosystem. A press release was shared on March 10 noting that DASH Core Group and DASH NEXT collaborated with StakeHound, a DeFi gateway protocol, to achieve this feat. Reportedly, this development would also help improve DASH’s liquidity.
According to the news release, stDASH is an ERC-20 version of wrapped DASH. Through this token, DASH holders will be able to access DeFi protocols on the Ethereum chain and earn stable staking rewards. Once a user sends their DASH to StakeHound, the platform would store the funds in institutional-grade custody solutions, where they will be insured and audited in real-time on the blockchain.