Right as DASH enters DeFi, its price reacted and increased by 12% over the past day as traders saw the foray in the booming space. In our latest Dash news, we are taking a closer look at the price analysis.
According to an announcement, the decentralized autonomous firm entered a new partnership with StakeHound which is a protocol that creates stake-based tokens for all users that are looking to access decentralized finance. The partnership means Dash enters defi and will enable staking coins for a wrapped ERC20 and crypto called StakedDASH.
Albert Castellana, CEO of StakeHound has stated his intention to explore opportunities to build and integrate #DeFi on Dash Platform.
— Dash (@Dashpay) October 19, 2020
The traders will be able to trade the staked DASH via decentralized exchanges like Aave, Uniswap, or Curve while they will also be able to earn yields for staking their DASH holdings in the StakeHound pool which will mean more staked DASH rewards. The proposal intends to lift off the burden of having to deposit 1000 DASH units to create an income returning Masternode. StakeHound only requires 1 DASH to earn the yields in staked Dash. The project marketing manager of Dash Mark Mason said that the partnership will give both DASH and DeFi users access to their markets. The coin opened Monday on $67 but was trading for as high as $79. It seems that the traders saw an opportunity and locked more DASH tokens into the StakeHound pool which will put a good portion out of circulation.
In the meantime, the prospects of returning yields in a tradeable staked token added another use case of the so-called “yield-farming.” Mr.Mason commented:
“Dash provides an additional on-ramp for DeFi, but more importantly a much-needed off-ramp for DeFi users who wish to easily convert their gains into a well established scarce cryptocurrency with utility beyond the DeFi ecosystem. This allows DeFi users to exchange DeFi tokens for Dash, enabling them actually to spend and use those tokens in the real world.”
The latest crypto pump helped it in breaking above a short-term descending trendline. The strong move upside further allowed the cryptocurrency to continue its bullish target to $87 which is a level that has capped the price from extending its bullish moments in the second quarter. The renewed selling pressure near the local highs could push the DASH/USD exchange rate lower to the Descending TRendline which will now act as a support. The pair could also attempt a rebound at the $65 support level. Failing to bounce back could even extend the target at $60.
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