Press Release

Dash rolls out Ethereum DeFi bridge with staking and yield farming

Dash is set to release its Ethereum decentralized finance bridge after months of testing.

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 and earn a portion of the transaction fees in the process.

To facilitate the Ethereum bridging process, StakeHound will provide wrapped stDASH tokens which are a one-to-one representation of the Dash holder’s balance. As part of the announcement, Dash revealed that the original DASH tokens will be held in secure custody by StakeHound.

While in the secure lockup, StakeHound will also stake the user’s DASH deposits and distribute additional stDASH rewards.

Dash now joins other crypto projects like Horizen (ZEN) and Firo (FIRO) in utilizing StakeHound’s DeFi bridge.

DASH is currently up more than 74% in the last month despite dipping almost 40% in late February.

About author

Articles

Morris is a Technology enthusiast and a writer by night. He has been a part of TheTechly for quite some time and he contributes knowledgeable news articles from the Technology niche.
Related posts
BlockchainPress Release

19th Global Edition of World Blockchain Summit returns to Dubai with its in-person, live event.

Under the Patronage of The Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi, the…
Read more
Press Release

How Launchpads and Defi Projects Can Use Solidproof’s Auto Audit Tool

Solidproof is a network introduced to help in bolstering Defi trust. This platform launched in…
Read more
Press Release

Global Technology Powerhouse Hewlett Packard Enterprise Joins World Cloud Show – India

Powered by the global leaders in enterprise technology, Hewlett Packard Enterprise (HPE) /…
Read more
Newsletter
Become a Trendsetter

Sign up for TheTechly’s Daily Digest and get the latest and trending technology updates.

[mc4wp_form id="729"]