What is SLP in Axie Infinity?
Axie Infinity has become the most expensive NFT collection in the world and SLP in Axie Infinity helps with it. A phenomenal success fueled by one single factor: gamers may make money as they play. Is this a long-term investment or a flash-in-the-pan house of cards about to collapse? The central conflict is reminiscent of Pikachu’s never-ending battle with a wild Pidgey.
We’re fighting hordes of tiny spherical monsters known as “Axies” instead of Pokémon. Rather than being confined to a Gameboy, the game may now be enjoyed on your PC or, of course, your mobile device. Today, we will discuss the SLP tokens earned from Axie Infinity.
About Axie Infinity
Axie Infinity is a new method of having fun with Ethereum blockchain technology, integrating it with a play-to-earn paradigm. Each monster and item of gear is a non-fungible token (for more information on NFTs, see our latest NFT explanation), which allows the ownership to be readily confirmed. The prizes of Axie battles go to the winners, in this instance cryptocurrency currencies Small Love Potions (SLP).
In addition to aggressive campaigns, users may serve as war factories by breeding, feeding, and drilling their own Axies, thus creating an army—or an inventory. Users must spend a mix of SLP and Axie Infinity Shards (AXS), the game’s second cryptocurrency, which has a limit of 270 million units, to do so. SLPs are comparable to “experience points” in that they are required to continue in the game, but AXSs are an “administration token.” Those who hold them have the ability to actively contribute to the game’s future design.
The Goal of Axie Infinity
The objective of the game is to amass the most valuable Axies. The present Ether price, which can be tracked via sites like Binance, determines the value. After that, Ether may be exchanged into fiat money, such as the US dollar, euro, or Philippine peso. And there is the possibility, as well as precedent, for it to be a lucrative venture. One SLP coin is now worth 9 cents, whereas one AXS coin is valued at EUR 75.
Players get numerous SLPs for each fight won. There are also a variety of incentives available, such as when they participate in a specific amount of bouts. Additionally, when a player sells one of their Axies, they can profit. Each Axie is made up of six body parts and may be utilised to breed up to seven times. The Axie becomes more precious as the combo becomes rarer.
The Axie with the highest revenue was sold at EUR 950,000. Individuals in Vietnam and the Philippines have recently started playing the game as a way to generate money after COVID deprived them of all methods of earning money. However, not only is the game providing individuals with a regular income, but it’s also converting those who have been affected by the epidemic into NFT traders, potentially pushing NFT adoption at scale.
There is a road to substantial income with gamers in SE Asia getting up to USD 1000 per month—not a small number when given that the average monthly salary in the Philippines is EUR 117—and Youtubers in the West estimating that an average individual may make USD 6 per hour.
What is SLP in Axie Infinity?
Small Love Potion (SLP) tokens may be obtained by playing the Axie Infinity game’s battle or adventure modes. This digital item is awarded to players that win fights. SLP tokens are ERC-20 tokens that can be used to generate Axies, which are digital pets.
Breeding costs start at 100 SLP and steadily grow to 200 SLP for the 2nd breed, 300 SLP for the 3rd, 500 SLP for the 4th, 800 SLP for the 5th, and 1,300 SLP for the 6th. Axies may only be bred 7 times, with the 7th breed costing 2,100 SLP. This restriction exists to keep the market from becoming hyperinflationary.
It can take a long time to earn SLP in the game, and a user may need to win 15 bouts to get enough tokens to procreate for the very first time. As a result, Axie breeders have found it simple to obtain their much-needed SLP tokens by exchanging SLP. Axie Infinity became an outstanding example of a game with a play-to-earn business model as a result of this.
Since the beginning of 2021, the value of SLP has grown 400% from $0.01 to $0.05 in the first 10 weeks.
It’s uncommon for in-game money to be offered on exchanges, but SLP is one of them. In some ways, it’s like Nintendo deciding to give the coins in Super Mario monetary worth. SLP has been set aside by the exchange for assets “expected to exhibit more volatility and offer a higher risk than other tokens.”
As a cryptocurrency, SLP didn’t have a changing value when it was started. However, when Uniswap formed a liquidity pool for SLP, everything changed. SLP and ETH are linked by a single trading pair.
All of this implies that acquiring SLP directly with fiat currency may be tricky. As a result, you may need to transfer your dollars, pounds, or euros into a widely accepted cryptocurrency like Ethereum first.
Binance, Hoo, Uniswap (V2), and Bilaxy are the leading exchanges for trading Small Love Potion right now. Axie Infinity is an intriguing initiative that has captured a large audience while effectively implementing the Play to Earn concept.
Founders of Smooth Love Potion
A more pertinent issue is who formed Axie Infinity. Trung Nguyen, the CEO of the business behind the game, abandoned his job as a software engineer in the United States to focus on the project.
As per Nguyen, he was inspired to investigate blockchain’s possibilities in gaming since he was upset by the fact that many gamers in popular games do not actually own valuable goods. He told Blockchain Gamer that the Ethereum platform has given him the “perfect opportunity” to develop his “dream game” in an interview.
According to Nguyen, the SLP breeding process is meant to be similar to people who have played previous collectible games like CryptoKitties.
What Makes Smooth Love Potion Unique?
It’s uncommon for in-game currency to be traded on exchanges, but SLP has done so. In some ways, it’s like Nintendo deciding to give the coins in Super Mario monetary worth.
According to Nguyen, Axies vary from other NFTs in the way they must be fostered to achieve adulthood.
SLP is also unusual in that it is among the few in-game tokens that Binance has listed in its Creativity Zone. This trade category has been set aside by the exchange for assets “expected to exhibit more volatility and offer a higher risk than other tokens.”
How Many SLP Coins Are There in Circulation?
The amount of SLP in circulation is quite variable when it comes to tokenomics. Because of the way these tokens are burnt every time new Axies are bred, this is the case. However, the circulating quantity of SLP was in the dozens of millions at the moment of typing – and this ERC-20 token has no hard cap.
If the quantity of Axie Infinity participants grows significantly, the amount of SLP entering the ecosystem might skyrocket as more tournaments are won and lost.
SLP price climbed to an all-time high (ATH) of $ 0.3642 on May 1, 2021, before plummeting by over 75%. In mid-July, prices peaked again, reaching a high of $0.3462. Since then, the price of Smooth Love Potion has been on the decline.
Where Can You Buy Smooth Love Potion (SLP)?
As a cryptocurrency, SLP didn’t have a changing value when it was started. Nevertheless, when Uniswap formed a liquidity pool for SLP, everything changed.
Binance, KuCoin, Gate.io, FTX, Gemini, OKEx, Uniswap (V3), SushiSwap, and more are among the main exchanges where you can purchase, sell, and exchange SLP right now.
SLP/ETH, SLP/USDT, and SLP/BUSD are just a few of the trading pairings available. However, there is strong demand in the Philippines for the SLP to PHP rate, as well as in Australia for the SLP to AUD rate and Europe for the SLP to EUR rate.
Axie Infinity SLP Farming Guide
Arena or PVP is the most lucrative form of SLP revenue, however it is more difficult than PVE and demands more energy.
Smooth Love Potions, or SLP, are only earned if you defeat your rival, and the quantity depends on your matchmaking rating, or MMR.
If your MMR is between 1100 and 1300, you will earn around 6 SLP every win, and you have 20 starting energy, you may earn up to 120 SLP per day. Although fair, a victory ratio of 50% would equate to 60 SLP each day.
Of course, mastering the cards is essential if you want to win a game in Arena or PvP, so we recommend checking out these card tutorials.
How to increase your Energy?
The maximum quantity of energy and regeneration speed are determined by the number of Axies:
- Axies 3–9: Maximum Energy: 20 kilocalories per day | Recharge Time: 5 kilocalories every 6 hours
- Axies 10-19: Recharge Time: 5 Energy every 3 hours | Maximum Energy: 40 Energy per day
- Axies with 20 or more: Recharge Time: 5 Energy Every 2 Hours | Maximum Energy: 60 Energy Per Day
You’ll need a minimum of 20 Axies to get through the game and play as many regular games as possible in the Battle.
With an MMR between 1100 and 1300, you might earn up to 360 SLP in the Arena, which is acceptable, and approximately 180 SLP with a win percentage of 50%.
How to Claim your SLP?
Claim your SLP by logging into your account (Axie Dashboard) with your Ronin Wallet linked.
Only once every 14 days may they be claimed. However, by going to Axie Dashboard, you can see how much money you’ve locked up and how many days you have before you can unlock it.
One cryptocurrency that has dropped in value in recent days is Smooth Love Potion (SLP). The coin has lost over 12% in the previous 24 hours and is currently trading at USD 0.06 as of 3 p.m. Tuesday. The currency’s market cap of USD 127,553,101 has been steadily declining since it was ranked 339. The price recently reached a high of USD 0.07, however the first significant drop quickly followed, with the coin dropping to USD 0.062 as the market cap remained at USD 134,099,726.
SLP Price Prediction 2021
The value of the coin was quickly growing only a week ago. Market watchers and investors expected that by the end of the year, the currency would have risen to approximately USD 0.11. Nevertheless, in the current situation, this appears to be very improbable. Following the current drop, investors believe USD 0.08 is a break-even threshold for the currency in 2021.
SLP Price Prediction 2022
Investors had predicted that the currency will hit an all-time high of USD 0.15 by 2023. Some publications even quoted a price of USD 0.2. By the end of 2022, though, the currency is more likely to be worth approximately USD 0.10.
What is causing the Smooth Love Potion SLP currency to depreciate?
SLP is a digital asset that was created as an altcoin. It is not the most powerful cryptocurrency. According to reports of SLP price predictions for the coming week, the coin may suffer another dive, since the cryptocurrency industry as a whole has been on the down recently. All big currencies have been in a downturn, from Ethereum to Cardano (ADA), causing lesser coins to follow suit. SLP, on the other hand, may be a market surprise because it is in-game money with a growing fanbase.
What is a Smooth Love Potion?
SLP tokens are a type of cryptocurrency that can be obtained through the Axie Infinity game. Nevertheless, some of the main exchanges accept the currency as a substitute for experience points. The in-game money may be used to breed more Axies, which are digital pets. A new player must win at least 15 tournaments to accumulate enough tokens to begin breeding in the game, and players may save time by purchasing the coin on the marketplace.
How secure is the SLP Network?
SLP is an ERC-20 token that runs on the Ethereum blockchain rather than having its own blockchain.
Another cryptocurrency that has dropped in value in recent days is Smooth Love Potion (SLP). The coin has lost over 12% in the previous 24 hours and is currently trading at USD 0.06 as of 3 p.m. Tuesday. The coin’s market cap of USD 127,553,101 has been steadily declining since it was ranked 339. The price recently reached a high of USD 0.07, however, the first significant drop quickly followed, with the coin dropping to USD 0.062 as the current valuation remained at USD 134,099,726.