Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Axie Infinity users can take loans against in-game assets

Axie Infinity users can take loans against in-game assets

Users of the popular play-to-earn game Axie Infinity have the option of placing wagers on their in-game assets in exchange for rewards.

Financing for the development of the Ronin blockchain, upon which Axie is based, was made possible by a collaboration between the company that created the Ronin blockchain and the cryptocurrency lending platform MetaLend. According to the company’s website, 1,587 Ronin-based NFTs are being used as collateral.

Staking Axie Infinity Shards (AXS), the ecosystem’s governance token, will soon join staking land and NFTs on-chain for users. You can use the MetaLend calculator to estimate the value of your digital assets and then borrow ETH against them for up to 30% of their value in order to earn a staking reward. Costs at MetaTech are 1%.

MetaLend and Ronin Network first announced their partnership on January 31.

With the help of $5 million in seed funding, MetaLend is off to a good start. The round was led by Pantera Capital and included participation from Collab+Currency and the gaming guild Ancient8.

The Block’s Data Dashboard shows weekly trading volume for Axie Infinity that peaked at $215 million on August 8, 2021. However, the value of in-game currencies dropped as a result of the game’s unstable token economy.

Axie Infinity users can take loans against in-game assets

Content Source:

Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Related Posts