Axie Infinity Players Can Now Take Out Loans Using MetaLend on Ronin Network
MetaLend is now live on the Ronin Network, allowing Axie Infinity players to take out loans by borrowing ETH against their NFTs.
Sky Mavis, the developers of Axie Infinity and the Ronin Network, have announced that MetaLend is now officially live on the mainnet of the Ethereum-based, Layer 2 chain, giving players the option to take out loans against their NFTs.
This means that players can now connect their Ronin wallets and borrow ETH against their assets such as Axies and plots of land. By staking the NFTs on chain, it’s possible to borrow up to 30% of the actual value of the NFTs. Aside from being able to use Axies and staked Land as collateral, the team has mentioned that MetaLend will also include support for staked AXS and staked RON in the near future, but for the time being, NFT owners can now already access liquidity from their Ronin assets and still continue to earn staking rewards from Axie Land in the process, with the team behind the decentralized lending protocol taking a 1% fee. More than 2000 NFTs have been used as collateral so far.
Next to borrowing, it’s also possible to lend tokens, with ETH being the only option currently available at the time of writing. On the official website of MetaLend, there is a calculator that lets you check how much your NFTs are worth if you’re borrowing, as well as how much interest you could earn if you choose to lend ETH.
The official lending partner for Sky Mavis and Axie Infinity is backed by the following investors: Pantera, Ancient8, Pareto, Moving Capital and Collab+Currency.