Decentralized Finance (DeFi) has grown to become the latest craze in the cryptocurrency space, with some reports dubbing it the “holy grail” of digital assets. As the popularity of this rather nascent niche increases, more cryptocurrency projects are looking to tap into its growth.

In light of this, DASH has become one of the latest projects to create an offering for the DeFi ecosystem. Through a partnership with StakeHound, DASH holders can now generate extra earning from major DeFi applications, whilst enjoying the benefit of receiving stable staking rewards.

The result of the partnership is a wrapped ERC-20 token known as stakedDASH. StakedDASH will serve as a bridge between DASH and Ethereum DeFi ecosystems.

According to Felix Mago, Co-Founder of DASH NEXT,

“With DeFi, different Blockchains are finally coming together. I am very excited about this partnership as it provides DASH users the benefits of DeFi applications such as lending or borrowing, and Ethereum users with an easy way to use DASH’s established global payment ecosystem.”

To enjoy the benefits of stakedDASH, DASH users will have to send their original tokens to StakeHound. StakeHound then generates and sends the user a one-to-one ERC-20 token – stakedDASH. Meanwhile, StakeHound stakes the DASH tokens it receives, and distributes staking rewards to the users as additional stakedDASH.

As an ERC-20 token, stakedDASH can be used in any of the popular DeFi applications (most of which are Ethereum based). Users can also swap their stakedDASH tokens back to original DASH tokens at any time.