- HaloDAO has announced a partnership with Yield Guild Games, enabling YGG gamers to cash out simply in their local stablecoins.
- The partnership will give gamers an alternative to cashing out all their earnings in fiat, and instead, they can get into yield farming and other DeFi applications.
HaloDAO has announced a new partnership with Yield Guild Games (YGG) that will open up new opportunities in decentralized finance (DeFi) for YGG gamers. HaloDAO, a stablecoin marketplace protocol, will allow the gamers to go one step further and rather than cashing out all their earnings in fiat, get an entryway into the exciting world of DeFi and yield farming.
YGG is a platform that allows gamers without startup capital to participate in all kinds of cryptocurrency gaming. It targets the play-to-earn model which has become increasingly popular in modern times. It’s one of the many cooperative organizations that have sprung up to support this new gaming model (in the Axie Infinity world, they are known as guilds).
To date, YGG claims to have enabled over 4,700 scholars to earn more than 61 million SLP (Smooth Love Potion cryptocurrency, which powers the Axie Infinity protocol). With SLP token trading at $0.094 at press time, this amounts to over $5.7 million.
Once the scholars earn their SLP, they usually have two choices – either hold onto it speculatively or cash out. It’s the latter that HaloDAO is seeking to improve.
“Instead of simply selling all of their earnings into fiat, our P2G model enables scholars and other crypto-gamers to convert that income into their local stablecoins and earn yield,” HaloDAO stated in its press release shared with CNF.
In addition, the partnership will see the two companies joining hands to build tools and integrate them with Discord that will allow users to track their performance and gain yield on top of their earnings. Furthermore, the users can invest in their own scholar teams.
The partnership will mainly target the Southeast Asia region, including the Philippines, Singapore and Indonesia. It will also be geared towards users in the Latin American region, in the U.K and Hong Kong.
Gabby Dizon, the YGG founder commented:
YGG is helping people from all over the world gain equal access to the income-earning opportunities in crypto, and this collaboration with HaloDAO DeFi products improves their income-earning capacity.