Is Dash right to get into DeFi when the general public is losing interest today to believe Google?
Remember that post from our editor stating that now was the time to invest in Dash, the Bitcoin (BTC) of masternodes? There may be more than the moment.
The DeFi of a masternode without 1000 DASH
Dash takes its first steps in DeFi. A press release published on October 19, 2020 reveals the partnership between Dash Core Group and StakeHound.
This collaboration will allow users to obtain remuneration in the form of tokens, through masternodes Dash.
The staking procedure is as follows: tokens DASH should be sent to StakeHound from which an ERC-20 token wrapped, the stakedDASH, will be generated.
This token is negotiable and usable on most DeFi platforms – UniSwap (UNITED), Aave (LEND) or Curve (CRV), etc. – based on Radix (XRD) or Ethereum (ETH).
Tokens DASH will be kept in the meantime within masternodes and the rewards will also be donated in the form of stakedDASH.
This allows token holders DASH receive returns without necessarily locking in 1,000 DASH to create their own masternode.
Dash DeFi: a 2D partnership
According to a marketing manager from Dash, Mark Manson, this collaboration benefits users in both directions: on the one hand, the holders of DASH will be able to access DeFi and on the other, DeFi participants will be able to obtain tokens DASH.
This bridge is an additional element that facilitates entry into DeFi but also provides an exit by allowing the conversion of earnings into a cryptocurrency that can be used beyond the DeFi ecosystem.
The CEO of StakeHound, Albert Castellana, ensured its intention to integrate the possibilities of DeFi into the future platform Dash : This should allow data storage on the network as a decentralized cloud service.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
For seasoned users, now you know what you need to do to seize this opportunity. Beginners can read this guide to understand DeFi in 10 minutes. Dash has lost the battle for anonymity and is now embarking on the DeFi battle. Hopefully he is much better able to take on this challenge. The first step or entry is usually staking, before offering users a bigger steak as a main course – with more complex technical sauces.
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