What’s Going On With Axie Infinity (AXS), Small Love Potion (SLP) Cryptos Today?
Axie Infinity (CRYPTO: AXS) has skyrocketed over a whopping 115% over a week.
What Happened: The token of the blockchain-based game which allows users to collect, breed, battle and trade tokenized creatures called “axies” soared 116.11% over a week.
See Also: How To Buy Axie Infinity (AXS)
At press time, over 24 hours, AXS traded 7.26% higher at $17.81. Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), AXS traded 5.43% and 5.28% higher, respectively.
In the early hours of Monday, AXS was the top trending cryptocurrency on CoinGecko and also featured among trending names on CoinMarketCap.
Why It Matters: Last Weekend, Axie Infinity co-founder Jeffrey Jiho Zirlin claimed on Twitter that the project generated more revenue than Metamask, Pancakeswap (CRYPTO: CAKE), MakerDAO (CRYPTO: MKR) and Curve (CRYPTO: CRV) combined.
See Also: Why Is Crypto.com Coin (CRO) Surging Today?
The Axie co-founder said that the chief sources of revenue were breeding fees as well as 4.24% of NFT volume from the project’s marketplace.
“Axie is still a pretty basic product and has many upgrades coming over the next 9 months,” said Jiho Zirlin.
Notably, Small Love Potion (CRYPTO: SLP) a token in the Axie Infinity ecosystem, which can be used as a currency to breed Axies also skyrocketed this week, rising 79.96%. Over 24-hours SLP is up 18.08% to $0.28.
A Twitter user noted that SLP farming is “more lucrative” than salaries that fresh graduates receive in Malaysia.
At current prices, $SLP farming is even more lucrative than fresh grads salaries in Malaysia
200 SLP @ 0.2 = $40 a day
(Takes 2 – 8 hours)
$40 * 5 * 4 = $800 a month = RM3,200 Play to earn is disrupting GLOBAL economies and it’s still pretty early h/t @nansen_ai pic.twitter.com/pUlQG7U051 — Darren Lau (@Darrenlautf) July 7, 2021
Overall growth and adoption of Axie Infinity are driving up SLP with new users flocking to the protocol since it migrated to the Ronin sidechain of the Ethereum network in May, reported Cointelegraph.
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Photo Courtesy: Axie Infinity
Small Love Potion (SLP) price doubles as Axie Infinity user growth explodes
Last week, Axie Infinity’s AXS token went on an impressive parabolic run and hit a new all-time high at $19.60.
Small Love Potion (SLP), a token in the Axie Infinity ecosystem that is minted through gameplay as a reward to users, also broke out with a triple-digit gain. SLP can then be used as a currency to breed Axies, which are nonfungible token-based creatures that populate the Axie Infinity world.
Data from Cointelegraph Markets Pro and TradingView shows that the price of SLP surged 102% from $0.127 on July 1 to a weekly high at $0.257 as new users flood into the play-to-earn digital battle pet game and drive the revenue of the Axie Infinity ecosystem to new highs.
New users drive up demand for Axie breeding
The success of SLP depends in large part on the overall growth and adoption of Axie Infinity, which has seen a significant uptick in new users since the protocol migrated to the Ronin sidechain of the Ethereum network at the beginning of May.
A recent report from Delphi Digital highlighted that interest in the Axie ecosystem has grown at an “exponential rate since the launch of Ronin,” with the biggest growth seen in the Phillippines, Venezuela, Cuba, Qatar and the United Arab Emirates beginning near the end of April.
Daily Google interest and geographical split for Axie Infinity. Source: Delphi Digital
The increase in interest has led to an influx of new users over the past two months as evidenced by the growth in daily active users, unique Axie holders and the number of Discord members.
Axie Infinity community growth statistics. Source: Delphi Digital
As new users enter the ecosystem, more Axies are needed in order for them to engage in gameplay, which has led to an increased demand for SLP since it is required in the process to breed Axies.
Gameplay provides users with a daily income
One reason for increased usage in certain geographical reasons relates in large part to the economic struggles of the population in those regions.
With users able to earn SLP daily through gameplay or farming SLP, some participants have been able to make more money through Axie Infinity than college graduates earn from working.
At current prices, $SLP farming is even more lucrative than fresh grads salaries in Malaysia
200 SLP @ 0.2 = $40 a day
(Takes 2 - 8 hours)
$40 * 5 * 4 = $800 a month = RM3,200
Play to earn is disrupting GLOBAL economies and it’s still pretty early h/t @nansen_ai pic.twitter.com/pUlQG7U051 — Darren Lau (@Darrenlautf) July 7, 2021
The process of breeding can also be quite lucrative for users fortunate enough to receive a “Mystic Axie,” a rare form of Axie that now has a price floor of 30 Ether (ETH), while genesis plots of land in the Axie Universe can fetch nearly 270 Ether.
Another Genesis plot just sold for almost 270 eth. And mystic floor price is climbing to 30 eth. This is just unreal. @AxieInfinity $AXS pic.twitter.com/JAaRjpJU4c — Seuchenhund (@seuchenhund) July 7, 2021
Related: Argentine lawmaker introduces bill for workers to be paid in crypto
As a result of the growth the ecosystem has undergone since early May, the daily volume of sales on Axie has recently surpassed $25 million, with more than 50,000 NFTs being sold per day.
Axie Infinity USD volume vs. sales count. Source: Twitter
To help put the significance of the growth seen in the income generated from the Axie Infinity ecosystem into context, over the past week, the protocol generated more fees than all other crypto applications combined.
Seven-day protocol revenue. Source: Twitter
While the recent growth for Axie Infinity is impressive, it remains to be seen if the current pace is capable of being maintained into the future, and the long-term success of SLP hinges upon a sustained expansion of the Axie ecosystem.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
What is Smooth Love Potion (SLP) Token?
Smooth Love Potion (SLP) is a gaming token primarily used to power the breeding of digital pets called Axies in the hit NFT game Axie Infinity.
The advent of the blockchain world brought about possibilities that can only be limited by a person’s imagination. The use cases of blockchain technology are on a wheel of constant evolution and nearly penetrating all spheres of life – including the gaming sector. Most gaming platforms prefer to capitalize on popular crypto-assets like BTC, ETH, or ADA as rewards. Others take the initiative to develop their own native tokens.
Smooth Love Potion (SLP) is one gaming token metamorphosing into the non-fungible token (NFT) space. As one of the tokens on Axie, the token is used to facilitate smooth gameplay as well as the breeding of Axies. We will look into what this token has to offer in the Axie platform and the uniqueness surrounding its development.
Background
Axie Infinity is a blockchain-based game that helps maximize the potential of SLP. In this virtual world, digital creatures called Axies can be collected, raised, trained, and ultimately used for battles.
The animated characters are created to have unique characteristics that define their rarity and strength in battle. Moreover, all its genetic information can be stored on the Ethereum blockchain.
To breed an Axie, a specific amount of tokens are required depending on the breed count of parents. Before 19th December 2019, XPs (Experience Points) were used as the breeding currency. However, a new use was assigned to it after the Alpha release leaving room for a newer entrant to perform similar functions.
Smooth Love Potion previously known as Small Love Potion was the ERC-20 token designed to fulfill this need.
What is Smooth Love Potion (SLP)?
Smooth Love Potion (SLP) is a gaming token developed by Axie Edge. The token is based on the ETH network and has successfully breached both the gaming world and the DeFi space through its availability on the Uniswap liquidity pool.
Though not a complex gaming token, it is used for interesting reasons. Majorly, it serves as the primary cryptocurrency for breeding pet creatures while playing Axie Infinity. It can also be purchased and traded on Uniswap.
Major Smooth Love Token Use Cases
Structured to offer a smooth gaming experience on Axie Infinity, users that own SLP can enjoy the following features:
Ability to breed Axies on the game up to seven times Offered as rewards to users who have attained specific levels Can be purchased and sold on Uniswap Can be traded on Binance Innovation Zone with ETH as a trading pair
How SLP Operates
To successfully breed an Axie, a certain amount of potions are consumed, as mentioned earlier. The cost for each breeding is determined by the breed counts of both parents. The math involved is that if a parent’s breed count is high, more potions would be required to breed them.
Breeding is permitted to occur in seven levels. Based on available charts, the first level consumes about 100 SLP, the second up to 200 SLP, the third 300, the fourth 500, the fifth 800, the sixth 1,300, and finally, the seventh 2,100 potions.
Let’s see a simple breakdown of the math used to calculate the number of required potions for a breed. It is the number of a first parent breed times the number of potions required multiplied by the number of a second parent breed times the number of potions required.
How to Earn SLP
The primary way to earn potions is simply by getting them as rewards after winning a game in Axie Infinity. However, this can take quite a while as you might need to win up to 15 competitions before performing your first breed. To make better headway and earn larger volumes of SLP, you can purchase a bunch from Uniswap and other exchanges.
Conclusion
Earning while playing might not be a new concept but Axie’s SLP token has definitely taken it to a whole new level. In fact, Axie Infinity is known to have helped several communities below the poverty line in the Philippines cope despite the Covid-induced economic troubles of the country.
In essence, it can be deduced that Axie is doing fairly well in strengthening its token which gamers and can consciously depend on.