Yield Guild Games Taps HaloDAO to Help Gamers Put Earnings in DeFi

The agreement with HaloDAO will give gamers a chance to ape into yield farming and other aspects of decentralized finance.

AccessTimeIconSep 15, 2021 at 1:05 p.m. UTC
Updated Sep 15, 2021 at 6:44 p.m. UTC

Tanzeel Akhtar is a reporter based in London,UK.

Yield Guild Games (YGG), a key investor in the “play-to-earn” arena, has teamed up with the stablecoin-focused decentralized finance (DeFi) project HaloDAO to allow its gamers to cash out using its stablecoin and gain yield.

The partnership with HaloDAO will allow YGG gamers to cash out in local regions through its stablecoin-focused automated market maker (AMM) on the Ethereum and Polygon networks.

YGG describes itself as a “play-to-earn gaming guild.” It allows gamers to earn tokens through blockchain-based economies, most notably with the Axie Infinity video game.

The agreement with HaloDAO involves the firms building out financial tools to track performance and give gamers a way to increase their earnings with yield farming and other DeFi applications.

YGG founder Gabby Dizon said the project will help people gain access to “income-earning opportunities in crypto,” and she said it “improves their income-earning capacity.” The rise in popularity of Axie Infinity has been so pronounced that regulators in the Philippines are reportedly weighing how to tax gaming-related earnings.

In August, YGG received $4.6 million in a funding round led by venture capital firm Andreessen Horowitz (a16z) with the firm stating it plans to invest in digital assets in virtual worlds.

Last month, YGG and cryptocurrency exchange FTX also signed a sponsorship deal in which Axie Infinity players from developing countries will receive scholarship funds. The deal with FTX involves YGG loaning non-fungible tokens (NFTs) to players who cannot afford to buy their own, under a revenue-sharing agreement.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.

CoinDesk - Unknown

Tanzeel Akhtar is a reporter based in London,UK.