DeFi Coming to the Game World: Enjin and Aave Announce Cooperation
Enjin and Aave announced an update that added Enjin Coin (ENJ) to Aave's DeFi protocol and will bring decentralized finance to the $ 159.3 billion game market
DeFi Coming to the Game World: Enjin and Aave Announce Cooperation.
Enjin’s growing blockchain product suite offers gamers with increased play and application options, enabling them to earn ENJ. With the Aave Protocol, which has recently reached $ 250 million, it will be able to increase the value of in-game ENJ earnings.
Currently, players can earn in-game items via Enjin supported games and sell them at the Enjin Market, where a trade volume of $ 6 million was recorded last year. The addition of Enjin Coin to Aave allows players to borrow their ENJs with the Enjin Wallet dApp Scanner to other players and developers through Aave Money Market or to earn passive income from their in-game earnings.
Players who want to purchase game items through Enjin Market can also use Aave to borrow ENJ or access the funds they need. They can then buy the items and use them in-game instantly. Items can then be sold and funds can be used to repay the ENJ they borrowed through Aave. This brings economic flexibility to the gaming market that has never been seen before.
Enjin Coin is gaining popularity as a digital store of value within games and apps; Used by developers to extract blockchain assets powered by locked Enjin Coin. These assets are integrated into a wide variety of games and apps that allow players to use them as weapons, characters, pets, skins, armor and more.
With the addition of ENJ to Aave, it will be quite easy for developers to instill more value into their virtual economies. Using Aave Market, they can borrow more ENJ to lock their assets in the game and increase their value and importance in the game.
What is Enjin?
In 2009, Enjin launched Enjin Network, a gaming community platform with over 20 million users. After a successful $ 18.9 million ICO in 2017, Enjin started building a suite of blockchain products that allows anyone to easily create, manage, trade, store, discover, distribute and integrate blockchain assets.
Enjin tools consisting of Enjin Platform, Explorer, Wallet, Beam, and other tools and services; it enables game developers and studios to create, hold, and use their digital assets as part of their monetization strategies. The Enjin ecosystem is powered by Ethereum-based Enjin Coin (ENJ), which is used to directly support the value of Enjin-powered blockchain assets.
What is Aave?
Aave is a decentralized finance protocol that users can participate as a depositor or debtor. While depositors provide liquidity to the market to generate passive income, borrowers can borrow.