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Incubated by Radix, the first layer-one protocol for DeFi, StakeHound will provide a seamless liquidity bridge into the rapidly growing DeFi ecosystems on distributes tokens ledgers.
Distributes tokens now, cryptocurrency users had to choose between earning staking rewards by staking their tokens, or retaining token liquidity by not staking, allowing them to participate in things like DeFi and token trading.
StakeHound solves this by creating stake-backed, instantly transferable, and DeFi-ready tokens.
All major Proof-of-Stake cryptocurrencies will be supported, so that holders of those tokens can earn staking rewards while still having instant liquidity. Radix solves this with a layer-one protocol specifically built to serve DeFi by delivering massive scalability, low-cost secure transactions, sub five-second finality, and synchronous atomic composability across shards for DeFi dApps.
However, StakeHound token users do not need to choose between accessing Ethereum or Radix with their tokens as StakeHound is cross-ledger by default. StakeHound then instantly generates and sends the user a one-to-one representation of their original token on their chosen DeFi ledger Ethereum now, Radix once launched next year. StakeHound stakes the tokens it receives, and distributes staking rewards directly to users as additional stake-backed tokens.
StakeHound users can swap their representative tokens back for their original tokens at any time. Due to the nature of staking, this may have a time delay while un-staking is completed.
StakeHound removes both of these problems for the user, allowing anyone to support the security of the networks they care about, while giving them liquid access to the best DeFi products the market can offer. It allows even the smallest token holder to earn staking rewards.
StakeHound has already launched its Testnet and will introduce its first staking ledger, ZCoin XZC in mid-September, with more digital assets and DeFi partners to be announced in the coming months.