NEM (XEM) is getting a Bridge to Make Interoperability Possible on the BlockchainOctober 9, 2020
NEM have recently announced a partnership with Stake Hound, which is a new platform which will bring together staking and DeFi to unlock and provide for improved accessibility of the token.
NEM Hub tweeted: “NEM and StakeHound are working together to add DeFi functionalities to $XEM. Also Staked Tokens and NEM official are connecting NEM NIS1 to Ethereum`s ERC20 token standard. It means: the wrapped XEM will be on @Uniswapprotocol & co.”
This is getting be a great move for NEM. It is expected that this partnership will create a bridge between NEM and Ethereum. Thus making it possible to create free circulation of ERC-20 wrapped and staked XEM tokens possible between both the networks.
XEM holders, thus are able to participate in the DeFi ecosystem. They gain access to a new horizon. The holders will be able to stake XEM through StakeHound. Further the staked XEM tokens can be tradable or usable in DeFi. They be used as a collateral for a loan, as a multi-level earning and staking reward token, they will be able to access credit lines with the liquidity provider payment.
The XEM that is staked will launch probably in mid-November. More information about the partnership and how the community can participate and benefit will be issued periodically.
October 22, 2020 is scheduled for a joint AMA that is set to explain the potential of the partnership.
Iain Wilson, CFO of NEM Group stated, StakeHound represents an opportunity for the NEM Community to participate in both staking and some of the most exciting DeFi projects currently available. Enhanced interoperability within Symbol will allow us to further extend our reach into DeFi.
Albert Castellana, Co-founder and CEO of StakeHound, expressed,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.
Sydney Ifergan, the crypto expert tweeted: “Good partnership can lead to miraculous transformations. NEM (XEM) are able to understand the importance of diverse partnerships. Stake Hound Partnership is a proof.”
NEM (XEM) Has a Bridge to Make Interoperability Possible
It is now becoming evident that interoperability on the NEM is real. The bridge to connect NEM NIS1 and Ethereum ERC20 is getting built. And, NEM members will be able to participate in both staking and some of the most exciting DeFi which are currently available.