Horizen and StakeHound partner to launch new DeFi bridge for ZEN token
Horizen, a bl platform that enables businesses and developers to create their own public or private blockchains, today announced a partnership with StakeHound, a liquid staking enabler.
StakeHound will enable users to participate in the Ethereum-based DeFi ecosystem, while earning Horizen node staking rewards using stakedZEN (stZEN) – an ERC20 token issued by StakeHound as a 1-to-1 representation of a staked ZEN. Additionally, stZEN provides a seamless way for Ethereum-based DeFi users to join Horizen’s rapidly growing ecosystem.
“We are glad to partner with StakeHound, a project that places great emphasis on transparency and trust within their community and works with some of the highest integrity partners in the industry. Collaboration with StakeHound will provide our community with the highly anticipated on-ramp to the Ethereum-based DeFi ecosystem and enhance accessibility, usability, and attractiveness of ZEN for a wide variety of users.”
– Rob Viglione, Co-Founder of Horizen
StakeHound + ZEN
stZEN is expected to be available on Sushiswap, a leading decentralized exchange, in late March 2021. In preparation for the launch, Stakehound released a publicly accessible test version of stZEN on the Ethereum Ropsten test network. It emulates how a typical user would acquire stZEN once it’s listed on a decentralized exchange on Ethereum.
This is only the first in a series of more exchanges expected to support stZEN in the coming future. Furthermore, stZEN users will always have the ability to swap their stZEN tokens with ZEN at a 1-to-1 ratio through StakeHound.
“By issuing stZEN, StakeHound is building a solid bridge between Ethereum’s DeFi and Horizen’s vastly distributed network and highly scalable blockchain ecosystem. Furthermore, holders won’t only earn from staking rewards, but may also earn additional rewards from the transaction fees generated on the different sidechains built on Horizen in the future.”
– Albert Castellana, CEO of StakeHound
After partnering with crypto lending platform Celsius Network and many notable blockchain-based projects, such as IOTA, Dragonchain, and LTO Network, the partnership with StakeHound will unlock additional utility to ZEN and widen Horizen’s reach in the DeFi space even further.