The SLP cryptocurrency is a digital token used within the game Axie Infinity. SLP operates on the Ethereum network and serves as an in-game currency. Axie Infinity is a game that allows interaction with cryptocurrency characters called Axies.
SLP tokens reward players for completing various tasks within the game. Players can earn tokens by participating in activities like collecting, training, and battling Axies.
These tokens can be traded, bought, and sold within Axie Infinity. SLP can be considered an investment asset, with its value changing based on supply and demand in the cryptocurrency market. Axie Infinity has gained popularity, significantly increasing the token's value, and attracting investors and traders.
History
Trung Nguyen, with substantial experience in software development, founded Axie Infinity and is its CEO. Having worked in the United States, he decided to venture into a new project.
Nguyen saw the potential of cryptocurrencies in gaming and noticed gamers lacked valuable in-game assets. This realization led him to research and bring his ideas to life.
Nguyen used the Ethereum blockchain to develop the project, which was launched in 2018. The game uses a breeding process similar to other games, utilizing the potential of blockchain technology.
Features of Axie Infinity
Axie Infinity is a blockchain-based game on the Ethereum network. It maximizes the potential of SLP. Players can raise, train, and collect digital creatures called Axies and use them for battles.
Each Axie has unique characteristics, making them rare and valuable. Their genetic information is stored on the Ethereum blockchain.
Breeding Axies requires a specific number of tokens, depending on the parent breed. Initially, XP was the currency for breeding until the alpha version was released, which introduced SLP. As an ERC-20 token, SLP meets specific requirements within Axie Infinity.
The token's integration into the game resembles Nintendo's approach of linking monetary value to in-game coins, like in Super Mario.
Axies need to be raised to have a chance of reaching adulthood, differentiating them from other tokens.
One unique feature of SLP is its classification as an in-game token by Binance, which listed it in their innovation zone due to its high volatility and associated risks.
How SLP works
SLP is the native digital token within the Axie Infinity universe, operating as an ERC-20 token with unlimited supply. Built on the Ethereum network, it has established itself in the gaming world and the DeFi space, partly thanks to its availability in Uniswap's liquidity pool. The primary use of SLP is for breeding pets in Axie Infinity, but it can also be traded on Uniswap.
Players can earn SLP tokens by completing quests, participating in battles, or going on adventures. Accumulating enough SLP allows players to breed unique Axie pets. The cost of breeding depends on the parents' breed, with each Axie having a breeding limit of seven times, necessitating more tokens to increase breeds.
SLP also has a burning mechanism. Tokens are burned after Axie breeding, ensuring a controlled supply since players can only farm a limited number of tokens daily. This mechanism drives demand for the token as players compete in breeding. The token's value fluctuates based on supply and demand, with its price peaking at $0.41 in 2021.
Beyond breeding pets, SLP tokens are awarded for leveling up or winning battles. Token holders can speculate and trade on exchanges. SLP is part of the "play-to-earn" model, enabling players to earn real money in Axie Infinity.
What is SLP used for?
The main use of the SLP (Smooth Love Potion) token is to breed axes in the game Axie Infinity. You can only earn SLP through the game in three ways:
Daily tasks
Players can earn 25 SLP by completing the following tasks:
- Register
- Complete 10 levels in the adventure mode.
- Win 5 battles in the arena.
Arena battles
One of the most common ways to earn SLP is through battles on the PvP arena. Players fight against opponents matched by their rating. The reward for victory depends on the player's MMR rating.
To earn SLP, a player must have at least 800 MMR. Each battle requires 1 energy. Winning increases MMR, but without energy, you cannot earn rewards.
Adventure mode battles
This single-player mode has 36 levels. Each level is more difficult than the previous one and rewards SLP for completion. The daily limit is 50 SLP per player.
Energy is not required to play, but it is needed to gain experience. In adventure mode, earning SLP is easier because rewards are given for each completed level.
Additionally, traders use the SLP token for trading, benefiting from its volatility.
Breeding Axies
Breeding Axies requires SLP. The cost depends on the number of breeds:
First breed – 100 SLP
Second breed – 200 SLP
Third breed – 300 SLP
Subsequent breeds: 500, 800, 1,300, and 2,100 SLP
To prevent SLP inflation, there is a limit of 7 breeds.
To get the necessary amount of tokens, you need to spend time or buy cryptocurrency on the open market. For the first breed, you need to win 15 battles.
Changes in Axie Infinity
At one point, the value of the SLP token dropped significantly, but the project developers improved the situation through joint efforts. The previously stated price for breeding Axies remained until 2021.
After that, the cost for one Axie rose to 600 SLP, and for six Axies, it reached 6,300 SLP. The adjusted fee was due to the slowdown in the token's growth. An imbalance between the minted and burned tokens led to this situation.
Another reason for the drop in value was cashing out the token. Players started investing less in the game, negatively affecting the price.
In 2022, players could create Axies to exchange them for in-game items. Once exchanged, the player could not return the character or use it in battles. After this exchange, the player could not retrieve such characters.
This step was crucial for the game's economic balance. Despite periodic drops in the token's price, the Axie Infinity universe remains popular, with over 2 million players.
Where to buy SLP cryptocurrency
You can purchase SLP on various platforms, with exchanges being one of the most popular methods due to their favorable rates.
You can buy SLP on exchanges such as Bybit, BingX, OKX, and more, depending on your preferences.
For example, if you plan to buy SLP on Bybit, you need to:
- Register on the trading platform.
- Top up your account.
- Find the desired token and make a transaction by going to the spot trading section, setting the desired purchase amount, and confirming the order.
SLP cryptocurrency is also available for purchase in the P2P section, offering many buying options. You can use various digital assets, like USDT, ETH, etc., to buy the token.
You can also use credit and debit cards for purchases. Many trading platforms work with Visa and Mastercard, making this option great for beginners. Additionally, you can use a bank account to top up your balance.
Wallets for storage
To work with the SLP token, you need a wallet that supports cryptocurrency assets on the ETH and SOL blockchains, including MetaMask, Trust Wallet, Ronin Wallet, and others.
Here is how to use the Ronin Wallet:
- First, log into your game account and connect to the token storage service. You will need to request the tokens. Check how many tokens are available for withdrawal, then request the token.
- Next, return to your account and verify the wallet connection. Now, you can request and select the token you need. The selected token should appear in your wallet.
- To sell the token, transfer it to the linked wallet. Ronin Wallet is also suitable for this purpose.
How to get SLP
You can earn SLP in Axie Infinity through various game mechanics. Players can complete quests, participate in arena battles, and earn rewards. Daily tasks offer players the chance to earn SLP. For example, by completing tasks like playing 10 rounds and winning 5 games, a player can earn 25 SLP as a reward.
One of the main places to earn rewards is the arena. Players compete against each other, and the winner receives a reward. The reward size depends on the player's rating. To participate in a battle, you need at least 800 MMR.
Energy also plays an important role. Each battle consumes energy. With low energy, a player can participate in a battle but will not receive a reward. To restore energy, you need to increase your rating.
The adventure mode consists of 36 levels and is often played solo. The difficulty of the levels gradually increases. You can earn up to 50 SLP per day in this mode.
The adventure mode appeals to many users because it requires less effort compared to the battle mode. You receive one reward for each completed level. However, replaying levels does not earn additional tokens. This is not a problem for all users, as they often combine the battle and adventure modes.
What is SLP?
SLP cryptocurrency is an ERC-20 token used for breeding digital pets called Axies. The initial breeding cost is 100 SLP, but as you breed more, the price increases: 200 SLP for the second breed, 300 for the third, 500 for the fourth, 800 for the fifth, and 1,300 for the sixth. The maximum number of breeds in one family is seven. The seventh breed is the most expensive, requiring 2,100 SLP. This limit prevents market inflation.
Accumulating SLP can take time, requiring a player to win 15 tournaments to collect enough tokens for the first breeding. Buying SLP on the open market is a quick way to accumulate resources and gain advantages in the game.
Currently, the circulating supply of Smooth Love Potion (SLP) is 5.38 billion. SLP cryptocurrency has an unlimited supply.
Advantages and disadvantages of SLP
Pros:
- The game universe is very popular, with more than 2.7 million players at its peak. Axie Infinity is known and in demand worldwide.
- The game has a reward system. The play-to-earn mechanic allows players to earn by playing in this universe.
Cons:
- SLP cryptocurrency does not have a fixed supply. For many, this is a major drawback since scarcity is a crucial component of tokenomics.
- The company behind Axie Infinity was hacked, resulting in a loss of $650 million, one of the largest thefts in history. This incident had negative consequences for the company and the project, causing many to lose faith in it.
Is it possible to mine Smooth Love Potion (SLP)?
SLP cryptocurrency cannot be mined. You can only earn it as a reward by playing Axie Infinity or buying SLP on a trading platform.
Additionally, users can earn from the tokens through DeFi products, such as farming, staking, and providing liquidity. Some decentralized exchanges offer DeFi opportunities, and some centralized exchanges allow earning from SLP token staking.
SLP market capitalization
Currently, the market capitalization of SLP is $262.62 million. The token price is about $0.006346, with a daily trading volume of $26.66 million. This reflects active community participation and interest in the project, despite market volatility. SLP cryptocurrency ranks 533 in market capitalization, placing it in the top 1,000 cryptocurrencies by market cap.
What you should know about SLP
The cryptocurrency space contains many contradictions and lacks regulation by most governments. When investing in a project, users need to be careful and study the chosen project in detail. Many projects aim to deceive their investors. Therefore, it is essential to conduct thorough research before investing. Do not invest more than you are ready to lose.
Here are two main controversies surrounding the SLP token:
One of the largest hacks
Several serious hacks have occurred recently, causing investors to lose their capital. One of them was the hack of the Ronin bridge in SLP, the largest in cryptocurrency history. Bridge hacks have become increasingly common. Over $650 million was stolen due to the Ronin Bridge hack. This incident caused panic in the market, leading many investors to suffer significant losses. After this news, the value of SLP dropped significantly. Consequently, many deemed the project unreliable, and the number of players temporarily decreased.
Unlimited supply
For many interested in the Axie Infinity project, the unlimited supply of SLP tokens is a major issue. Many investors prefer projects with a fixed token supply, indicating a certain level of scarcity, a crucial investment criterion. SLP's unlimited supply makes it unattractive for investment.
SLP exchange rate and prospects
SLP cryptocurrency appeared in 2018. The token gained popularity due to strong user interest in the Axie Infinity universe. In 2021, the token reached its peak value but then significantly decreased in price.
Currently, the asset costs $0.006326. It has begun to grow gradually amid the overall trend in the digital market.
This situation has also affected the NFT game segment. Due to the general hype, the asset reached its maximum price but then began to decline significantly.
There is now a wide variety of P2E games, drawing investor attention. Although SLP remains relevant, it must compete with other cryptocurrency assets.
Despite this, the forecast for this asset is quite positive:
- In 2024, the price is expected to rise to $0.004-0.005.
- In 2025, many analysts predict further growth to $0.007-$0.009.
- Over the next three years, an upward trend is expected.
- From 2026 to 2028, the price should stabilize at $0.013-0.015, $0.018-0.022, and $0.027-0.032.
- In 2029 and 2030, the asset's value could rise to $0.038–0.046 and $0.057–0.067.
It is impossible to predict the SLP cryptocurrency's future with full accuracy. The real prospects of this asset will become clear over time. However, analysts are confident that the trend will be upward in the coming years. Therefore, investing in SLP now could be a profitable decision.
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