MetaLend is a web3 project that provides software and tools that allow users to lend and borrow WETH against their NFT assets. Since officially launching in 2022, over 2000 NFTs have been used as collateral via MetaLend. Through our partnership with MetaLend, you too can become a borrower or lender on the Ronin Network.
We advise users to carefully read and evaluate the risks associated with using this service before becoming an active participant. More information can be found in the MetaLend Litepaper.
Services Offered
Borrowing - Users can borrow against their NFT assets by using them as collateral. Note that users will only be able to borrow up to 30% of their asset valuation.
Lending - Users can provide WETH to the MetaLend liquidity pool while gaining interest on their loaned asset. Interest earned will vary and fluctuate based on supply and demand.
Eligible NFT Assets
Assets that can be used as collateral are as follows:
- Normal axies
- Mystic axies
- Land (with the exception of Genesis plots)
Axies with special skins or tags other than Mystic axies cannot be used as collateral.
Note: Staked land plots can be used as collateral and will continue to earn rewards while collateralized.
Getting Started
To get started, visit https://metalend.tech/.
Before connecting your wallet, you can get an instant appraisal by entering your wallet address in the calculator located towards the bottom of the page. This will show your total asset valuation, as well as how much you are eligible to borrow.
Borrow
Step 1: On the MetaLend main page, click "Borrow".
Step 2: Unlock and connect your Ronin wallet.
Step 3: Click "Add".
Step 4: Select the "Axie" tab to pick eligible axies or the "Axie Land" tab for eligible land plots you can use as collateral.
You can select each NFT individually or check the box next to “Token” to automatically select all qualified assets.
Step 5: Once you have made your selection and clicked “Continue”, you will be prompted to approve the transfer. Click “Continue” again and approve the transaction from your Ronin wallet extension. Your assets will be transferred and held in the MetaLend Axie Contract on the Ronin network.
Step 6: Click the "Borrow" tab located at the top of the page and enter the amount you would like to borrow. Click "Confirm". Your loan will be deposited to your Ronin wallet.
Loan Repayment
Step 1: Visit the MetaLend and select "Borrow".
Step 2: A “Pay Back” button will be present at the top right-hand corner of the page. Click it.
Step 3: You will then be provided the options of paying back a specific amount or paying off your loan in full. Click "Confirm" after making your entry.
Note: You will need to pay off the entirety of your debt in order to redeem/reclaim your collateralized assets. Click “Redeem”, select your assets, and click “Continue”. Confirm the transfer of the asset back to your Ronin wallet.
Lend
Step 1: On the MetaLend main page, click "Lend".
Step 2: Unlock and connect your Ronin wallet.
Step 3: At the top right-hand corner of your screen, click “Lend”. Enter the amount of WETH in which you would like to add to the liquidity pool and click “Confirm”.
When you are ready to withdraw your assets from the pool, simply click “Withdraw” and enter the amount you wish to reclaim. Your funds will be deposited to your Ronin wallet.
Note: Users will be able to add USDC to the LP in the near future.
For questions or concerns, please reach out to the MetaLend team: