This article was first published on NEM
NEM is excited to announce a partnership with StakeHound, a new platform that brings together staking and DeFi to unlock greater accessibility to the token.
It is an exciting step for NEM, and the partnership will create a bridge between NEM and Ethereum to create free circulation of ERC-20 wrapped and staked XEM tokens between both networks.
The move brings XEM holders firmly into the DeFi ecosystem and will provide them with a new horizon. Holders can choose to stake XEM through StakeHound and the resulting staked XEM tokens will be tradable or usable in DeFi scenarios i.e. for collateralizing a loan, multi-level earning, earning staking rewards, access to credit lines and liquidity provider payment.
The staked XEM is expected to launch mid-November, preceded by more information on what the partnership means for our community and how they can both participate and benefit.
There will be a joint AMA on 22nd October to explain the potential of the partnership featuring Albert Castellana, founder and CEO of StakeHound, and Iain Wilson, CFO of NEM Group. More details to follow, but please tweet any questions you have for Iain and Albert and use the hashtag #NEMStakehoundAMA.
StakeHound represents an opportunity for the NEM Community to participate in both staking and some of the most exciting DeFi projects currently available. The enhanced interoperability available within Symbol will allow us to further extend our reach into DeFi.
Iain Wilson, CFO of NEM Group
NEM has always been on the forefront of consensus algorithm design with its innovative Proof of Importance and the upcoming Proof of Stake+ on the Symbol network. Together with StakeHound and the issuance of the stakedXEM, it will now be at the forefront of the booming DeFi ecosystem while boosting the security of the network.
Albert Castellana, Co-founder and ...
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