Axie Infinity users can now take loans against in-game assets

Quick Take

  • Players of Axie Infinity, a play-to-earn game built on the Ronin blockchain, can now borrow up to 30% against their digital assets, as well as stake their assets for a reward. 
  • Ronin Network partnered with the crypto lender MetaLend to facilitate the loans. 

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.

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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. 


© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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