Payments-focused crypto project Dash (DASH) is officially launching its Ethereum DeFi bridge.
According to an announcement issued on Wednesday, the foray into decentralized finance is made possible via a partnership with DeFi gateway protocol StakeHound and will see Dash holders able to interact with DeFi protocols on the Ethereum chain.
Dash holders will be able to stake their tokens and participate in yield farming while also gaining exposure to lending markets and arbitrage opportunities within the Ethereum DeFi matrix.
Holders of ERC-20 wrapped stDASH tokens will also reportedly be able to provide liquidity on automated market maker platforms like Uniswap and earn a portion of the transaction fees in the process.
To facilitate the Ethereum bridging process, StakeHound will provide wrapped stDASH tokens which are a one-to-one representation of the Dash holder’s balance. As part of the announcement, Dash revealed that the original DASH tokens will be held in secure custody by StakeHound.
While in the secure lockup, StakeHound will also stake the user’s DASH deposits and distribute additional stDASH rewards.
Dash now joins other crypto projects like Horizen (ZEN) and Firo (FIRO) in utilizing StakeHound’s DeFi bridge.
DASH is currently up more than 74% in the last month despite dipping almost 40% in late February.