MetaLend and Sky Mavis announce a partnership that will enable players of the popular blockchain game, Axie Infinity, to take out loans against their Game Assets directly on Ronin.
LOS ANGELES, Jan. 31, 2023 /PRNewswire-PRWeb/ -- MetaLend, a decentralized lending protocol, has partnered with Sky Mavis to deploy onto the Ronin Network, and serve as an official lending partner for Axie Infinity players and investors. Prior to the partnership, MetaLend, enabled many users to leverage the value of their Axies, Mystic Axies and Axie Land as collateral for loans via the Polygon network.
"DeFi services are key financial infrastructure in supporting digital economies," says Bailey Tan, Director of Ecosystem Strategy at Sky Mavis. "Sudjeev and Nikhil have demonstrated strong conviction in building with Sky Mavis and we are excited to have MetaLend's permissionless money markets powering Ronin's growing ecosystem of games and applications."
With this partnership, Axie Infinity players will be able to access liquidity from their in-game assets on Ronin without having to sell them. This will enable players to make strategic investments and trades, or to use the funds for personal expenses. Users will even be able to borrow against yield-earning assets such as Staked Axie Land - continuing to earn rewards on their assets while they have a loan out.
"Early users had no option but to take out loans via our Polygon protocol and then bridge it over to Ronin for reinvestment into the ecosystem," says one of MetaLend's Co-Founder Sudjeev Singh. "Now that we are deployed on Ronin, we expect to see a large uptick in usage as the process of taking out a loan is much more efficient."
"We're long blockchain gaming generally and Axie Infinity specifically," says Nikhil Bhardwaj, also a Co-Founder of MetaLend. "We're excited to continue building on the Ronin network as the ecosystem evolves."
In the future, MetaLend will support Staked AXS and Staked RON - the latter of which will be the token used to support the Ronin Network in its transition to Proof of Stake. MetaLend will also enable users to play with their NFTs even while collateralized.
MetaLend is live on Ronin today. Check out MetaLend on Twitter and Discord for the latest updates on their roadmap and milestones.
About MetaLend
MetaLend is a Los Angeles based decentralized lending protocol that provides over-collateralized loans against GameFi NFTs and Tokens. Since launching in Q2 of last year, MetaLend has provided loans against over 2,000 NFTs and has raised over $5M from top-tier investors such as Pantera Capital and Collab + Currency.
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