Dash will release its decentralized financial bridge from Ethereum after months of testing.
Payment-oriented crypto project Dash (LINE) officially launches its Ethereum DeFi bridge.
According to an announcement published on Wednesday, the advance into decentralized financing will be made possible via a partnership The StakeHound DeFi gateway protocol allows Dash owners to interact with DeFi protocols on the Ethereum chain.
Dash holders can wager their tokens and participate in income farming while also gaining access to credit markets and arbitrage opportunities within the Ethereum DeFi matrix.
Holders of stDASH tokens wrapped with ERC-20 can also reportedly provide liquidity on automated market maker platforms such as Uniswap and earn a portion of the transaction fees in the process.
To simplify the Ethereum bridging process, StakeHound provides packaged stDASH tokens that represent a one-to-one representation of the Dash owner’s balance. As part of the announcement, Dash announced that the original DASH tokens will be held in safe custody by StakeHound.
During the secure lockout, StakeHound will also deduct the user’s DASH deposits and distribute additional stDASH rewards.
Dash is now using StakeHound’s DeFi bridge along with other crypto projects such as Horizen (ZEN) and Firo (FIRO).
DASH is currently more than 74% last month despite a nearly 40% decline in late February.