Metalend has been deployed on the Ronin Network. Before now, players could visit the Metaland platform and take loans. With this product update, this lending platform becomes the official partner of Axie Infinity. This means that users will not have to visit external platforms or go through rigorous processes to borrow digital assets.
We’re excited to announce that @MetaLend_DeFi is now LIVE on Ronin mainnet!
Metalend helps Axie Infinity players to take out loans against their in-game assets like axies and land directly from their Ronin wallets.
Full announcement 👇
— Axie Infinity | #AxieOrigins, #AxieHomeland (@AxieInfinity) February 2, 2023
This comes after the release of the Mavis Hub 2. The new platform will avail multiple gameplay options to users. However, this program is still under development and not all games in the ecosystem are available to users.
How the Metalend Deployment on Ronin Will Work
With Metalend now on Ronin, players can now take loans directly from their Ronin wallets. They can borrow $ETH, using Axies, Mystic Axies and Axie Land as collateral. Before now, the process took place via the Polygon network. As such, users needed to bridge the tokens they collected to Ronin. This means paying gas fees.
However, this partnership will see players receive the tokens through the Ronin network. This new process is more efficient and will encourage more users to take loans.
Despite already promising immense benefits, Metalend and Sky Mavis are not stopping there. The partners are working towards improving the options for interested users. Soon, players will be able to use their staked Axies, Lands, as well as $RON and $AXS tokens as collateral for collecting loans. Even better, they will continue to receive their APR. The DeFi loan platform will only collect a 1% fee on such loans. Loans may extend beyond $ETH. The possibilities are endless.
Meanwhile, Sky Mavis is encouraging players to do their own research on the terms and conditions. They also advised interested persons only to borrow what they need and what they can pay back. To take a loan, visit the Metaland Website and use the calculator to appraise how much you can take up.
How This Loan Will Affect Gameplay
It is inarguable that Metalend becoming the official partner of Axie Infinity will definitely spike player activity. Users will appreciate their in-game assets more, as they have utility outside gameplay. However, the issue will be players taking more tokens than they can pay back in loans. Nonetheless, this may not be a problem for either party if the collateral covers up for it.