Based on an announcement printed on 10 March, Sprint partnered with DeFi gateway protocol StakeHound to launch the ERC-20 wrapped DASH token. DASH NEXT and the Sprint Core Group can even take part within the challenge, the corporate stated.
The wrapping course of shall be carried out by StakeHound. Customers will ship their DASH tokens to the platform, which is able to then be saved beneath an institutional-grade custody answer. The entire saved DASH shall be insured and have the power to be audited in real-time on the ledger. As quickly because it receives the DASH tokens, StakeHound will immediately generate a 1:1 ERC-20 illustration of the token known as stakedDASH. The brand new stDASH will be instantly utilized in Ethereum DeFi purposes.
Customers will have the ability to earn staking rewards each from DASH and stDASH, as StakeHound will stake the DASH tokens it receives. Customers will have the ability to swap their stDASH for DASH tokens at any time.
People who maintain stDASH will have the ability to earn staking rewards, commerce tokens to entry arbitrage alternatives, present liquidity on decentralized exchanges, and allocate the tokens to borrowing and lending dApps on Ethereum.
The corporate has additionally launched the stDASH testnet for customers that wish to familiarize themselves with the method of buying the tokens and offering liquidity.