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DASH Jumped 12% As Traders Are Optimistic About The Entrance Into DeFi Sector

DeFi

The price of DASH has increased by 12% as traders are optimistic about the token’s entry into the fast-growing DeFi space. On the 19th of October, DASH started trading at nearly $67 and jumped to $79.70 at its intraday high. 

Also on the 19th of October, Dash announced its partnership with StakeHound, a company that allows users to earn staking income while participating in DeFi. 

StakeHound confirmed the partnership in a press release:

“Today we are happy to announce a partnership between DASH and StakeHound that aims to create and promote the stakedDASH token. StakedDASH will become an essential bridge between DASH and Ethereum.”

In addition, the press statement revealed more details on the objectives of the new joint venture. StakedDASH will enable additional yields through major DeFi applications to DASH holders. DASH holders will also continue to enjoy stable staking rewards. 

StakeHound said that its users are free to change their stakedDASH to their original tokens at any time. 

The co-founder of DASH NEXT, Felix Mago expressed his excitement with the partnership. Mago added that the stakedDASH token would allow DASH users to enjoy the benefits of lending and borrowing on DeFi applications.

Notably, users can also trade stakedDASH through several decentralized exchanges. Some of the exchanges, as noted by NewsBTC, include Aave, UniSwap, and Curve. 

Dash project’s marketing manager, Mark Mason, also mentioned a benefit of the new partnership. Mason said the collaboration would allow both DASH and DeFi users to integrate and access each other’s space. 

 

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