NEM Group is joining DeFi rally by launching stakedXEM with StakeHound platform
NEM and StakeHound have partnered to create a seamless liquidity bridge for the XEM holders. StakedXEM will allow users to receive staking rewards and participate in the DeFi simultaneously.
Today we are happy to announce a partnership between StakeHound and NEM Group. We are excited to work side by side with the NEM and its community for the speedy launch of the stakedXEM. StakedXEM is that essential piece which will connect NEM to the Ethereum DeFi ecosystem and will allow XEM holders to generate additional yield without sacrificing staking rewards or compromising network security.
StakeHound combines all the best features of Staking and DeFi by building the bridge between these two worlds
Over the last few months we have seen a great shift in the industry into the creation of multiple financial products and applications of a decentralized nature on top of a ledger such as Ethereum.
Decentralized Finance, or DeFi, has grown from $500M to $11Bn in the last 12 months, demonstrating how important all these products are to the cryptocurrency users and holders. Some of the main applications that we have seen revolve on lending and liquidity mining. Now anyone can provide liquidity to the markets and profit from it. However, this raises a fundamental question to many crypto users: should I participate in DeFi or should I participate in staking?
StakeHound eliminates the competition between staking and DeFi by enabling users to profit both from supporting their beloved networks and participating in DeFi. And here is how.
Basically StakeHound stakes the tokens and runs masternodes for the user providing him or her with a one-on-one stake-backed representation of this original asset known as stakedToken.
Thus when a NEM holder sends to StakeHound XEM tokens he receives the same amount of ERC-20 stakedXEM which can be immediately used in the all popular DeFi applications. And as StakeHound stakes the original XEM tokens, it distributes staking rewards directly to user wallets as additional stakedXEM.
Besides that StakeHound users can swap their stakedXEM back for their original XEM tokens at any time at the same one-on-one rate.
What stakedXEM brings on the table
Being a one-on-one representation of the original XEM token stakedXEM gives its holder extended usability compared to the original token.
- Holders of the stakedXEM are entitled to receive the same staking rewards as if they had held the original token. With a crucial difference that with StakeHound they don’t need to necessarily have funds for the entire masternode to earn them but can have a proportional part of it depending on their investment.
- StakedXEM can be freely traded on the open market thus creating opportunities for arbitrage
- Holders can make additional income by providing liquidity on decentralized exchanges also known as yield farming
- StakedXEM can be used in multiple DeFi applications for landing and borrowing thus creating various opportunities for it’s holders who can now borrow against their staked tokens for instance
“StakeHound is a valuable service which helps bridge known challenges with access to segmented liquidity pools across chains. It is built upon the foundation of strong regulations and protection for clients with leading names in the industry such as Copper and AllNodes — says Dave Hodgson, Chief Investment Officer of NEM Group and Director & Co-founder of NEM Ventures. — This service launch is very well timed and represents a key piece of the NEM ecosystem and others that has been missing for too long. We are delighted to support StakeHound with integration for both the current XEM token now and the SymbolXYM in the near future. It is fantastic to have a staking as a service and wrapped token provider in one and see cross project collaborations with multiple other chains”
These are exciting news and we are happy to work together with NEM Group to make sure NEM community gets the most out of stakedXEM tokens.
Thus on 22nd of October we will be hosting a StakeHound AMA session with Albert Castellana, CEO of StakeHound welcoming Iain Wilson, CFO of the NEM Group. The details on exact time of the session will follow in our Telegram and Twitter so stay tuned and post your questions with #AMA hashtag in StakeHound Telegram Group.
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