MetaLend and Sky Mavis announced a partnership that will enable players of the popular blockchain game Axie Infinity to take out loans against their in-game assets directly on Ronin.
NFT holders can borrow up to 30% against the value of their digital assets and continue to earn on land and Axies since they retain partial access.
Axie Secured Loan for Borrowers
MetaLend runs on the Ronin blockchain, and lending takes place without changing ownership. Today, one can continue to stake land plots, having received a loan. The project has settings to automate restaking.
The use of staked Axies and land plots in the game is in development. The option will be launched later, as soon as both teams (Axie Infinity and MetaLend) deploy the update.
Earnings for Creditors
In the project, you can earn on ETH staking. The funds will be used to issue loans, and lenders will receive interest.
The Litepaper says that the lender is entitled to 85% of the borrower’s total interest, and MetaLend will receive 15%.
Interest is calculated after each mined block so that you can withdraw your funds and interest at any time.
Statistics and Lending Process
According to the site, many users have already taken advantage of the option and received a loan against Axies. Just over 2,000 NFTs are pledged. The ability to stake AXS and RON tokens will be added soon.
Getting a Loan
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- Use the calculator to estimate how much credit you can get for your NFT.
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- Add Ronin or Polygon addresses containing NFTs.
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- Select the loan percentage and press the blue button.
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- MetaLend will take a commission of 1% from the proposed amount when signing the contract.
Recall that MetaLend is a fork of the Compound protocol. So far, project management is centralized, but decentralization and control through owners of governance tokens are planned for the future.
In the initial funding round, this company managed to raise $5 million from crypto market giants such as Pantera Capital, Collab+Currency, and Ancient8.
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