According to an announcement posted on February 2, Ronin Network has partnered with lending company MetaLend to facilitate in-game asset loans for its players.
Currently, 1,587 NFTs on Ronin are being used as collateral on MetaLend, the company website stated.
As such, from now on, players can stake their land and NFTs on-chain. Staking of Axie Infinity Shards (AXS), the governance token of Axie Infinity ecosystem, will be supported soon.
Accordingly, players need to go through an asset valuation process using the system provided by MetaLend to borrow out ETH corresponding to 30% of the asset value before staking to receive rewards. This process will take a 1% fee.
MetaLend and Ronin Network first announced the partnership on January 31. MetaLend previously raised a $5 million seed round led by Pantera Capital, with the participation of Collab + Currency and Ancient8.
At its peak (August 2021), Axie Infinity raked in $215 million in weekly trading volume, according to The Block metrics. Recently, the once-popular Play-to-Earn game has released Homeland – a game using the long-awaited NFT land mechanism.
However, the Ronin attack that caused the most damage in the crypto industry and the instability in tokenomics design has caused in-game currencies to gradually lose value, although there has been a time of recovery thanks to new updates.
AXS price also did not react strongly after the news.
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