Stake or Borrow ENJ With Aave DeFi

Alex Solomon

Enjin moves forward across multiple sectors as a project that focuses on gaming and non-fungible tokens with an evergrowing suite of development tools. The Multiverse gamers can choose from a selection of games and applications to earn ENJ tokens, and now the possibility to earn interest by staking ENJ is available using the Aave Protocol, a Decentralized Finance (DeFi) application that recently grown to $250 million in market size.

The in-house build Enjin marketplace, which powers all Enjin games and various ERC-1155 tokenized projects, has achieved 6 million ENJ in trading volume over the last year. ENJ holders, using the Enjin Wallet, can lend their ENJ holdings to others and earn a passive incoming from all the in-game earnings.

If you find yourself short in ENJ and need to purchase something, you can use the Aave platform to borrow ENJ and get your item. Resellers might find this interesting because it allows us to get the necessary funds, sell the item, and pay back the loan.

Similarly, developers can borrow ENJ to infuse the in-game assets with more ENJ and provide a higher base value.

About Aave

Aave is a DeFi protocol where users can deposit or borrow cryptocurrencies. Through the deposits, Aave gets liquidity and users receive a passive income while borrowers can get ENJ in an overcollateralized (perpetually) or undercollateralized (one-block liquidity) way.

About Enjin

Enjin is a leading force in Blockchain gaming and NFT field with years of experience and presence. The Enjin core team and other coders developed the ERC-1155 token standard, which is considered the most advanced token, and the Ethereum community officially adopts it. 

Enjin has created the first Gaming Multiverse, a concept where games can share items and in-game experiences with each other. The Enjin’s Gaming Multiverse counts over 20 games, and some of them are Triple-A, such as The Six Dragons9Lives Arena, and others. 

The Enjin platform comprises the EnjinX explorer, the Enjin Smart Wallet, which is considered the most secure and advanced cryptocurrency mobile wallet with the Beam future integrated. The list continues with SDKs for UnityGoBotJava, and other tools that help game studios and developers to utilize tokenized digital assets as part of their acquisition, retention, monetization and engagement strategies.