Users of the popular play-to-earn game Axie Infinity can now stake their in-game assets to earn rewards.
Ronin Network, the firm building the Ronin blockchain that Axie is built on, partnered with the crypto lender MetaLend to facilitate the loans. Currently, 1,587 Ronin-based NFTs are being used as collateral on MetaLend, according to the firm's website.
Users can stake their land and NFTs on-chain, with the ability to stake Axie Infinity Shards (AXS), the governance token to the Axie Infinity ecosystem, coming soon. One must assess the value of their digital assets using the MetaLend-provided calculator and borrow ETH against the asset for up to 30% of the asset's value before earning a staking reward. MetaTech takes a 1% fee.
MetaLend and Ronin Network first announced their partnership on Jan. 31.
MetaLend previously raised $5 million in a seed funding round led by Pantera Capital, with additional participation from Collab+Currency and the gaming guild Ancient8.
At its peak, Axie Infinity brought in $215 million in weekly trading volume on Aug. 8, 2021, according to The Block's Data Dashboard. However, instability in the game's tokenomics caused its in-game currencies to depreciate in value.
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