Enjin partners with Aave to bring DeFi to games market17th July 2020
Blockchain ecosystem developer Enjin has partnered with Aave to bring decentralised finance (DeFi) to the video games market.
Aave is a decentralised non-custodial money market protocol that allows users to participate as depositors or borrowers.
The former’s role is to provide liquidity to the market and earn a passive income in doing so, while the latter can borrow funds perpetually or in a one-block liquidity fashion.
The latest move has seen Enjin Coin (ENJ) added to Aave’s DeFi protocol. In turn, gamers will be enabled to grow the value of their in-game earnings through it.
At present, players earn items in-game through projects powered by Enjin and they are able to sell them on the developer’s marketplace.
As a result of the partnership, users will now be able to use the Enjin Wallet to lend their ENJ to fellow players and developers through the Aave Money Market and earn passive income.
ENJ is a digital store of value within games and apps, as it is being used by developers to mint blockhain-based assets that have been infused with the cryptocurrency.
Now, people will be able to borrow additional ENJ from the Aave Market to lock in their gaming assets and increase their value.
Additionally, those who wish to purchase items through the Enjin Marketplace can utilise Aave to borrow ENJ and access the funds they need.
The items can then be purchased and used instantly. Once they’re done with them, they can be resold on the marketplace to pay back the borrowed funds from Aave.
“This introduces a never-before-seen level of economic flexibility in the games market,” said Enjin.
Interested in reading more Enjin-related news? Discover more about Enjin’s collaboration with tech giant Microsoft on Azure Heroes.