Horizen launches ZEN DeFi Bridge through a partnership with StakeHound
The Horizen team has announced a partnership with StakeHound, which would allow ZEN users to explore the growing DeFi ecosystem.
StakeHound is a liquid staking enabler focused on bridging staking protocols and Ethereum-based DeFi solutions. Following the partnership, ZEN users will be able to earn rewards by staking stZEN tokens.
stZEN, otherwise known as stakedZEN, is an ERC20 token issued by StakeHound. It is equivalent to ZEN on a 1-to-1 ratio. Furthermore, stZEN is a two-way bridge and opens the door for Ethereum-based DeFi users to also join Horizen’s ecosystem.
Commenting on the partnership, Rob Viglione, co-founder of Horizen said:
Collaboration with StakeHound will provide our community with the highly anticipated on-ramp to the Ethereum-based DeFi ecosystem and enhance accessibility, usability, and attractiveness of ZEN for a wide variety of users.
As per the announcement, stZEN is expected to go live on Sushiswap in late March 2021. Plans are on the way to add other decentralized exchanges in the future. Meanwhile, Stakehound has released a publicly-accessible test version of stZEN on Ropsten to simulate an actual trading experience.
Albert Castellana, CEO of StakeHound, disclosed that users will have the opportunity to also earn rewards from transaction fees. He said:
By issuing stZEN, StakeHound is building a solid bridge between Ethereum’s DeFi and Horizen’s vastly distributed network and highly scalable blockchain ecosystem. Furthermore, holders won’t only earn from staking rewards, but may also earn additional rewards from the transaction fees generated on the different sidechains built on Horizen in the future.