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.
source: theblock.co/
