Building on our existing partnership, NEM Ventures is excited to announce its USD $50,000 investment in StakeHound, a newly launched platform that brings together staking and DeFi, democratizing staking and making it liquid. StakeHound creates tokenized representations of staked Proof of Stake (PoS) tokens that distribute rewards daily so that they can be used in DeFi while earning yield through staking.
This year is poised to be the one in which cryptocurrencies take the main stage, with both DeFi and Staking as the center pieces, and StakeHound is planning to become the main bridge between them, bringing multiple protocols together and maximising yield for its users.
Stakehound is the first bridge between NEM and Ethereum that allows XEM holders to participate in the Ethereum space through the use of ERC20 wrapped tokens called stakedXEM (stXEM) which are 1 to 1 representations of a staked XEM by StakeHound.The new stakedXEM wrapped token means XEM holders can now tap into Ethereum’s burgeoning DeFi ecosystem. Stakehound have also committed to fully supporting the Symbol (XYM) opt-in and token allocation and will issue stXYM to stXEM holders after launch to provide the same services to both chains.
The move brings NEM token holders easier access to the DeFi ecosystem and will provide them with new utility for the underlying tokens. An example might be being able to collateralise loans in stXEM, backed with XEM, while receiving a yield from the underlying network. Holders can choose to stake XEM through StakeHound and the resulting stakedXEM 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.
All of the above is achieved by using institutional grade custody providers such as Fireblocks and Copper, as well as well respected node hosting providers such as Allnodes, with years of experience providing staking services to the NEM ecosystem.
StakedXEM (stXEM) launched on December 18, 2020 and has thus far staked ~8.5 million XEM. Stakehound has also successfully launched stFIRO and will soon launch stETH, stDash and stZEN with the first nodes already deployed and staking.
The company was founded in July 2020 and has since formed 6 partnerships with protocol foundations to wrap their coins for staking and DeFi scenarios. The two technical founders, Albert Castellana and Edgar Nemse, are longtime blockchain enthusiasts, serial entrepreneurs, and have a strong history with the NEM community.