NEM Group announced a new service for XEM holders that focuses on DeFi applications. StakedXEM is the new service that paves the way for onboarding XEM into the Defi ecosystem. NEM Group partners with StakeHoound in developing the new services that will be launched on the Ethereum blockchain on December 7th.
Staking XEM Easier for DeFi Lovers
Most of the blockchain projects are trying hard to find a place for themselves in the DeFi ecosystem. They work with multiple new blockchain startups to provide their tokens and cryptocurrencies in the new financial services. Staking and loans are often the most popular services that blockchain projects are looking for. The new partnership and service from NEM Group can be considered as one of those DeFi-focused programs, too.
The new StakedXEM service will help NEM users to tap into the DeFi world easier. According to the blog post by NEM Group:
“NEM’s partnership with StakeHound will see the launch of the stakedXEM on December 7th – creation of a wrapped XEM token via a liquidity bridge to the decentralized finance (DeFi) ecosystem on Ethereum.”
NEM Group says the StakedXEM will be a useful tool for XEM holders as well as the future Symbol XYM holders. The new opportunities for token holders help them manage their assets and look for and extra earning by staking.
Staking in most of the Defi services has common benefits. The new StakedXEM is no different and provides multiple opportunities to users like receiving their native token yield that will be paid stakedXEM.
They can also use StaledXEM as collateral in other DeFi services that support Ethereum tokens – not to mention that StakedXEM is an ERC-20 token. Staking users can reclaim their staked tokens at any time. Their earned yield will be paid at the time of receiving the native token.
NEM Group claims that all of the financial services have regulatory approval. So, the NEM users do not worry staking and receiving yields in StakedXEM.
StakeHound and NEM Group run a giveaway program called StekedXEM HUNT to incentivize new users for participating in the service. According to NEM Group:
“To celebrate the launch of StakeXEM, Stakehound is launching the HUNT – a special event that allocates Hound tokens as a bonus to anyone who participates. All you need to do to qualify is sign up early for your StakedXEM.The process of acquiring the stakedXEM is simple and secure. users simply need to transfer their unstaked XEM coins to StakeHound and receive the same number of stakedXEM ERC20 by the token launch on December 7th.”
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