Today StakeHound, a project that brings staking and DeFi together is excited to announce its partnership with Matic. This partnership creates a seamless liquidity bridge between Ethereum and Matic ecosystems to ensure free circulation of stakedTokens between DeFi platforms in both networks. StakeHound issues stake-backed ERC-20 versions of all major PoS tokens opening a whole new set of assets for the DeFi ecosystem.
Decentralized Finance (DeFi) became an important part of the Ethereum network, growing by a staggering 100 times in the past year. As of today value locked in DeFi applications has reached almost $8 bln. At the same time DeFi advancement led to Ethereum network congestion and inflated gas fees. Thus users are looking for more scalable, faster and cheaper solutions. They also look forward to minimizing potential trade-offs and enhancing the number and quality of the financial instruments available to them.
StakeHound and Matic are on a mission to solve impactful challenges currently affecting and slowing down DeFi development.
About the partnership
The main goal of the Matic x StakeHound partnership is to build a network bridge between the two protocols, in order to enable free and seamless flow of stake-backed assets from one platform to the other.
By joining forces StakeHound and Matic achieve the combined effect of instant liquidity of assets previously locked in staking and brought to the market by StakeHound as well as massive scalability with extremely low gas fees offered by Matic.
This means that any stakedTokens including already announced stakedXZC can be easily transferred between Ethereum and Matic networks and used in DeFi applications of both once integration is complete.
“StakeHound brings a completely new set of assets to the DeFi market.” — says Sandeep Nailwal, co-founder and COO of Matic — “We foresee a rapid adoption of the stakedTokens. And this is a great opportunity for us to provide a flawless stream of newly available liquidity for highly scalable Matic DeFi applications.”
When? What? How?
These are exciting times, but we bet you have a ton of questions. Whether there will be a stakedMATIC token? Or how will this affect the ecosystem? Get all the answers from first hands! Join our weekly live “Ask me anything” sessions with Albert Castellana, CEO of StakeHound and Sandeep Nailwal, Co-founder and COO of Matic.
The session will be held on Thursday, 17th of September at 12pm CEST. The interview will be streamed on StakeHound Facebook Page and will be followed by an AMA session on the StakeHound Telegram channel.
Matic aims to speed up mass adoption by bringing massive scale to the Ethereum network to mainstream users. Matic offers faster and significantly cheaper solutions both for developers and mainstream users. Easy and smooth Dapps integration process is coupled with a user-friendly interface resulting in an overall great user experience for any type of user regardless of his / her previous experience. Currently a single Matic chain already carries out up to 7200 transactions/second. But a project with these aids and characteristics can scale to millions of transactions on a sidechain tree architecture.
These features make Matic a One Stop DeFi Platform capable of supporting multiple protocols and accelerating further DeFi development. Matic has rapidly onboarded some of the biggest Dapps in gaming and DeFi, and has grown into a vibrant and robust ecosystem.
StakeHound at glance
StakeHound eliminates the choice between staking, essential for any PoS network security which also generates stable rewards, and liquidity, enabling users to freely trade their tokens and participate in DeFi. To do it StakeHound creates stake-backed, instantly transferable tokens which can be immediately used in DeFi. StakeHound aims to support all major Proof-of-Stake cryptocurrencies with Zcoin as the first token to be launched already in the beginning of October 2020.
Here is how StakeHound works. Users send their favorite Proof-of-Stake tokens, such as XZC, RADIX or XEM, to StakeHound which is received by one of our institutional-grade custodian partners. StakeHound then instantly generates and sends the user a one-to-one ERC-20 representation of their original tokens. StakeHound stakes the tokens it receives, and distributes staking rewards directly to users as additional stake-backed tokens. Users will be able to take their stake-backed tokens and use them in all popular DeFi applications.
StakeHound users can swap their stakedTokens back for their original tokens at any time. Although due to the nature of staking, this may have a time delay while unstaking is completed.
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