MetaLend is Now Available on Ronin Wallet Android App!
MetaLend, a lending protocol, is now available directly from the dApp explorer in the Ronin Wallet Android App. They have prepared a giveaway too! Let’s dive in.
MetaLend and Ronin
Since MetaLend is now on Ronin Wallet Adroid App, users can lend, stake, and borrow against their Ronin assets, all within the convenience of a single app.
How Does MetaLend Work?
MetaLend allows borrowers to obtain WETH loans using their Axies, Mystics, and Land as collateral, with support for multiple currencies coming soon. Borrowers can earn Staking rewards while their assets are used as collateral. The borrowing amount is determined by over-collateralization, starting with a maximum borrowing rate of 30%.
Lenders stake their ETH to earn APY, which is set based on liquidity utilization, attracting more lenders and incentivizing prompt loan repayment. Axie appraisal is based on recent marketplace sales, helping users accurately determine their asset values.
If borrowers exceed their borrowing limit, MetaLend takes action to rectify the situation by selling the minimum collateral necessary to bring the loan below the limit. For example, if a borrower has 50 Axies worth $50,000 as collateral and the LTV (loan-to-value) ratio is 50%, the maximum loan is $25,000.
If the borrower takes a $20,000 loan and the collateral value drops to $39,000, surpassing the limit by $500, MetaLend will sell a single Axie for $1,000 to cover the excess. This reduces the loan to $19,000 and collateral value to $38,000, allowing borrowers to repay the remaining loan and remove their collateral if desired.
Giveaway
To celebrate the integration of MetaLend into the Ronin Network Android App, MetaLend and Ronin are teaming up to bring you a giveaway. Get ready as this giveaway is packed with exciting prizes! Lucky winners will walk away with 10,000 RON, an Axie Forest Land plot, or a Savannah Land plot.
Earn Points, Secure Your Chance to Win
But how can you join this exciting giveaway? Simple! By using MetaLend to stake, lend, and borrow against your Ronin assets, you will accumulate valuable points. Each point acts as a golden ticket to the lottery. The more points you earn, the higher your chances of clinching the reward.
Boost your point collection by following the MetaLend account and retweeting this tweet with your Ronin address. It’s a quick and easy way to increase your chances of success. Remember, every point counts!
In celebration of MetaLend launching within the @Ronin_Network Android App – MetaLend and #Ronin will be partnering to give away 10,000 #RON, an Axie Forest Land plot, and a Savannah Land plot!
— MetaLend – Loans Against Ronin Assets (@MetaLend_DeFi) June 1, 2023
You can accumulate points by using MetaLend to stake, lend and borrow against your… pic.twitter.com/NbcuvoxelN
Exclusive Rewards for the Top 50
The excitement doesn’t end there. The top 50 participants on the points leaderboard will be treated to an exclusive MetaLend airdrop. So, not only can you potentially win the grand prize, but you might also secure additional rewards by placing among the top scorers. It’s a good opportunity for everyone involved!
Mark your calendars, as this giveaway will run for the entire month of June. That means you have plenty of time to start earning points.
How to Start
To kickstart your journey with MetaLend, head over to http://MetaLend.tech or open your Ronin Wallet Android App, click on the dApps explorer icon, and choose “MetaLend“. Start earning those points, lending with confidence, and borrowing with ease. The MetaLend and Ronin partnership has set the stage for a new era in DeFi, and you won’t want to miss this out!
About MetaLend
MetaLend is a protocol that harnesses the power of liquidity pools and algorithmically set interest rates to facilitate lending against ERC-721 assets that generate yields. This innovative platform ensures that these assets remain productive throughout the lending process. MetaLend draws inspiration from the renowned Compound protocol and has successfully developed a unique solution that revolutionizes the lending experience in the decentralized finance space.
If you want to learn more about MetaLend, visit their website or read their litepaper.
