StakeHound has announced a strategic partnership with the blockchain platform Matic Network.
The partnership will serve as a liquidity link between the Ethereum blockchain and the Matic Network. This link allows free and unobstructed movement of staked tokens between both platforms. According to an official blog post, StakeHound also issues the ERC-20 version of major PoS tokens, thus bringing to life a new array of digital assets for the entire DeFi ecosystem.
Interest in Decentralized Finance (DeFi) has skyrocketed this year, with over $8 billion worth of assets locked in DeFi applications worldwide. Many schools of thought refer to 2020 as the year of DeFi, as it has grown by over 100x this year alone. Sadly, DeFi adoption and growth has led to congestion, amongst other scalability issues, on the Ethereum network. Therefore, although users are excited by the prospects of the DeFi ecosystem, they are also interested in scalable, cheaper, and faster solutions. This is where the Matic and StakeHound partnership comes in. Both platforms are interested in resolving major challenges impeding DeFi growth, bringing both liquidity and scalability to the DeFi ecosystem.
More on the partnership
Together, Matic and StakeHound will bring to life the effect of instant liquidity of assets, low gas fees, and scalability. This, essentially, means that staked tokens can be easily transferred between the Ethereum and Matic networks and seamlessly employed in DeFi applications.
Sandeep Nailwal, co-founder and COO of Matic, notes, “StakeHound brings a completely new set of assets to the DeFi market.” He further added that the adoption of staked tokens is on the rise and that the partnership provides an opportunity for Matic to “provide a flawless stream of newly available liquidity” for its dApps.
About Matic and StakeHound
Matic Network’s sole aim is to facilitate the mass adoption of DeFi by bringing scalability to the Ethereum blockchain. The network provides developers and mainstream users with faster, and relatively cheaper solutions, alongside a user-friendly interface. Matic Network currently boasts of being able to carry out about 7,200 transactions/second, making the network a go-to DeFi platform. Over time, Matic has grown into a robust ecosystem, supporting top dApps both in the gaming and DeFi ecosystem.
StakeHound, on the other hand, provides both staking and liquidity, making it possible for users to trade their tokens. The platform plans to support major proof of stake (PoS) crypto, starting with Zcoin, which is slated to go live this October.