Smooth Love Potion (SLP) is skyrocketing in value just prior to the launch of Season 20 of Axie Infinity, the world’s most popular play-to-earn blockchain game.
In a matter of days, the SLP token triples in value. As of February 12, 2022, SLP is now selling for $0.027 with a 24-hour range of.024 -.032.
The in-game currency has a market capitalization of $927,503,521 and a trading volume of $1,365,400,410 during the 24-hour period.
SLP is now the 102nd largest cryptocurrency by market value.
The rally occurs following a significant update to the game’s economy, which removed player benefits for completing key in-game tasks, such as Adventure Mode SLP and Daily Quest SLP.
Axie Infinity: How Does It Work?
In the world of play-to-earn games, Axie is a well-known title. Its gameplay is inspired by classic games like Pokémon and Tamagotchi.
Players can gather, breed, combat, and trade “Axies” in the game. SLP tokens are earned as rewards and can be redeemed for in-game features such as breeding new species.
SLP/USD price at $0.028230 in the daily chart | Source: TradingView.com
SLP is an ERC-20 token that acts as an in-game currency in Axie Infinity, a popular blockchain-based game.
Axie Infinity allows users to collect one-of-a-kind digital creatures called Axies.
Axies are NFTs that can be bred, sold, or used against other players in combat. The Axie Infinity game utilizes a multi-token economy and Axie Infinity Shards (AXS) as the ecosystem’s governance token.
SLP cryptocurrency is used in-game to support Axie breeding. The Axie Metaverse allows for the buying, selling, exchange of other cryptocurrencies on supported exchanges.
How Does Axie Rewards Work?
One of the most recent updates to Season 20 appears to be a 56% reduction in the daily supply of SLP tokens.
SLP will be removed from daily questing and adventure mode, further increasing the token’s scarcity.
SLP/BNB was added as a trading pair on Binance earlier this week, allowing traders to now exchange BNB for SLP on the exchange.
When tokens are listed on a major exchange such as Binance, they frequently experience a price increase as the token becomes more accessible to new investors.
While Axie Infinity’s SLP has seen significant increases in recent months, it remains well below previous highs. Only seven months ago, the SLP token has been trading at $0.39 per unit.
Meanwhile, the game continues to attract an increasing number of players and investors.
According to Crypto Records Australia, an Axie Infinity land plot NFT sold for a record-breaking US$2.48 million in November.
Featured image from Crypto Economy, chart from TradingView.com