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Smooth Love Potion (SLP)–play to earn in the Axie Infinity Metaverse

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PDAX

January 24, 2023

3 min read

TokensNFTsMetaverseSLP

To date, no one can argue that among play-to-earn games, only Axie Infinity has been able to achieve mainstream popularity. At its height in 2021, there were over 2.7 million active monthly players globally, with the majority of network traffic coming from countries like the Philippines, where it became a viable means of earning alternative income.   

What is Axie Infinity anyway? Similar to Pokémon, the turn-based multiplayer game allows its users to battle and breed digital pets called “Axies” that are represented as non-fungible tokens or “NFTs”. But being NFTs, this means that players actually own them as digital assets, and which they can then sell or trade on the NFT market. 

Smooth Love Potion (SLP) on the other hand, is the in-game digital currency that players earn within the Axie Infinity platform. Aside from being used for in-game transactions and activities, SLP can also be moved outside of the game and be traded on cryptocurrency exchanges. In fact, SLP has earned the attention of both serious and novice traders, regardless of whether they play the game or not.  

On a side note, Axie Infinity also uses another token on its platform, called Axie Infinity Shards (AXS) which are used for the decentralized finance (DeFi) products and as a governance token

What is SLP used for?

Axie Infinity itself doesn’t sell SLP tokens. Rather, SLP tokens are generated through gameplay. Players can pit their Axies in battle against AI or other players. Winning these battles will entitle players with SLP rewards.

Players can then use their SLP winnings to breed (mint) more Axies which they can then use for gameplay or sell to other players for additional revenue.

Alternatively, players can also sell their SLP tokens on exchanges for cash, or also directly purchase SLP to quickly breed more Axies.  

However, in order to avoid inflating the market with too many NFTs, Axies can only be bred up to seven times. Each time an Axie is bred, the SLP costs become higher, and also requires a certain amount of AXS. 

Axie Infinity trivia

Because of its huge popularity, Axie Infinity became an attractive target for cybercriminals back in March of 2022 when North Korean hackers managed to make off with $650 million of player funds. The theft though was technically not a “hack” since they only managed to exploit an unattended network backdoor, and did not involve breaking any of Ethereum’s code–something which is quite virtually impossible. Since then, much of the stolen funds have since been recovered, and developer Sky Mavis has beefed up its security features and audit practices

Tokenomics

There is no maximum supply to the number of SLP, and the circulating supply fluctuates increasingly depending on how many players are competing and generating new tokens, as well as with how many players are “burning” their SLP to breed more Axies. 

When SLP was first launched, there were no pre-sales or disclosed allocations. Rather, the token was launched and introduced to the Axie community through gameplay earning.

In July 2021, SLP hit its all-time high (ATH) of $0.399727.

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DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital asset and its ecosystem. Any and all trading involving the digital asset is subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.

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