What is SLP?
SLP also known as Smooth Love Potion is a digital currency used in the Axie Infinity game.
The token is utilized in breeding new axies.
What is AXS?
AXS or Axie Infinity Shards are tokens used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.
History of Axie Infinity
Axie Infinity is a blockchain NFT-based, Pokemon-inspired online game created by a blockchain development company firm that specializes in creating games with player-owned economies, which means it is owned and operated by the players. It also became the most play-to-earn game in 2021.
Now that you have basic knowledge about this stuff we are ready to go deeper.
Let’s Dive in!
Any player can earn AXS by :-
- Completing quests
- Using Marketplace
- Breeding in-game monsters which are termed as Axies.
- Competing in PVP battles and winning leaderboard prizes.
On the game’s NFT marketplace, AXS can be used as a transactional currency. Players can stake AXS, which Sky Mavis intends to use as a governance token in the coming days to start voting on upcoming upgrades and impact the usage of the community treasury. According to the white paper published by Axie Infinity, the game is gradually turning into a decentralised autonomous organisation (DAO), allowing for full community governance. There are currently 83,812,820.28 AXS in circulation.
Smooth Love Potion, aka SLP, is an uncapped utility token that can be primarily used for paying breeding fees for the Axies. The most common way to obtain potions is to receive them as a prize after winning a game in Axie Infinity. However, this may take some time because you may need to win up to 15 competitions before you can execute your first breed. The amount of SLP required is determined by the number of times the Axie has been bred. The breed count indicates how many times the Axie has been reproduced. To get a head start and earn more SLP, you can purchase a large amount of SLP from Zipmex and other exchanges. Smooth Love Potion is a cryptocurrency that can be bought and sold on decentralised exchanges like Uniswap for Ethereum. This Ethereum can then be exchanged for cash. Smooth Love Potion’s price has risen by 18.31% in the last 7 days.The price has increased by 0.16% in the last 24 hours.The price has dropped by 0.14% in the last hour. The current circulating supply is 43,167,134,870 SLP.
The entire gameplay of Axie Infinity focuses around the strategic use of Axies’ fighting traits to surpass opponents and earn rewards.You can battle other players or non-player combatants known as Chimeras. In both cases, you must acquire three Axies with which to launch various strategies in the hopes of winning. You can perform a variety of attack and defence moves based on the type of Axies you have in your possession. In addition to owning Axies, users can also own plots of land. The exciting bit about this part of the game is that owners can customize and monetize their parcels of land. In essence, you can build things, such as shops, on your land in Axie Infinity and generate passive income from them.
Axie Infinity also contains a Ron Token, and owning it is equal to making an investment in the Ronin network. Axie Infinity uses Ronin for transactions to help with gas fees on the Ethereum network. The Ron token is so new you can’t actually buy it, but you can earn it from SLP. The good news about the game Axie Infinity is that it’s being upgraded and in the near future, there will be MORE utility for SLP.
Both cryptocurrencies are clearly different and distinct in a variety of ways. SLP tokens are always fully circulating, whereas AXS tokens are only (roughly) 25% circulating. Both the tokenomics and the use cases are completely different. Besides players, investors are also finding value in Axies. In September 2020, crypto research company Delphi Digital spent US$162,000 worth of Ethereum on five Axies as an NFT investment. At the beginning of 2021, the game’s revenue was $1.92 million, which skyrocketed to $120 billion by July. Smooth Love Potion was mentioned in 10 out of 2,006,406 social media posts on Twitter and Reddit on Aug 11, 2022. 7 unique individuals are talking about Smooth Love Potion and it is ranked #1,717 in most mentions and activity from collected posts.
Basically SLP is different from most of the other in-game currencies because the token is exchanged on decentralized SLP token exchanges. It can also be exchanged for a landmark traded on Axie Infinity and the Axie marketplace, as well as on the metaverse and NFT markets.
When it comes to play-to-earn games, there is a lot of competition, but Axie Infinity already has a large user base. While the game can make you money, it can also cause you to face debt. To play the game, you must have a starting roster of three Axie NFTs, which can only be obtained through the secondary market. Players who cannot afford the initial NFTs turn to Axie “scholarship” programmes, in which wealthy benefactors fund the purchase in exchange for a portion of the profits. It’s one of the reasons why, according to a report from the research firm Naavik, the majority of Filipino Axie players continue to earn less than the country’s average minimum wage. On March 23, $620 million was stolen from the blockchain network associated with Axie Infinity.
We can’t say whether “Play to Earn” is a short-term or long-term phenomenon, but one thing is certain: a Decentralized Finance game can grow at an impressive rate. A game’s adoption rate is much higher than that of any other area of Decentralized Finance. As a result, if blockchain games are successful in creating a healthy game economy, we can expect more from this field in the future. However, SLP is the elixir of community growth for these next-gen consumers, illustrating that the notion of money is flexible and value is in the eye of the (be)holder.
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