StakeHound partnership opens booming decentralized finance market to the Divi community.
San Jose, 24 March 2021 — Crypto-made-easy pioneer Divi Project has today announced its partnership with liquid staking enabler StakeHound to allow Divi token holders to reap the rewards of decentralized finance. Existing Divi holders and newcomers will now have an opportunity to participate in various DeFi mechanisms from liquidity mining and arbitrage to micro-lending and staking.
StakeHound will deploy a “wrapped” version of the Divi coin with the stDivi ticker on the Ethereum network. This new token will represent staked Divi at a one-to-one ratio, which takes into account the staking rewards earned by coins allocated for stDivi.
The stDivi token significantly expands the scope of the Divi Project, moving it into the booming decentralized finance market, which has more than doubled to its total value locked of $43.95 billion in 2021. The Divi coin has also enjoyed strong year-on-year growth and recently achieved its highest price to date.
The StakeHound partnership will ensure that the Divi Project is visible across as many verticals as possible and is a milestone in its ongoing “Divi Everywhere” strategy.
Nick Saponaro, co-founder and chief information officer of Divi, commented:
“The StakeHound bridge is a natural and important step in the growth of our Divi ecosystem, made with a best-in-class partner. It will introduce our community to a wealth of new functionality and opportunities as DeFi helps unlock the authentic promise of crypto, removing centralized middlemen and service providers to enable individual custodianship, financial sovereignty and freedom.”
2021 is set to be a stellar year for the Divi Project, with several new partnerships slated, its entry into DeFi, and the upcoming launch of its mobile wallet. The StakeHound partnership is an important element in Divi’s mission to make crypto easy and work to help deliver a new standard of financial services that is truly decentralized and accessible for everyone.
Albert Castellana Lluís, co-founder and CEO of StakeHound, said:
“We’re extremely excited to kickstart this project with Divi and energized by the interest the Divi community has already shown in how the StakeHound bridge works. We want to make the liquid staking experience as easy for the community as Divi has made it for its members to access the world of crypto.”
As a liquid staking enabler, StakeHound gives Divi users a bridge to access the benefits of both DeFi and staking and eliminates the requirement for a lock-up or high minimum stake and the binary choice between earning staking rewards and liquidity. StakeHound assets are stored in institutional-grade custody solutions, are insured and can be audited in real-time on-ledger. Registered with FINMA, the Swiss financial regulator, StakeHound is the only fully compliant liquid staking provider and is audited by blockchain security specialist Quantstamp.
Read More: cointelegraph.com