SLP Price SLP Price Live Chart

It’s now not clear whether SLP would be ever able to return to its peak price levels. While the immense popularity of Axie Infinity may be gone for now, the team behind the game is actively experimenting with game mechanics to woo more players. The mint-to-burn ratio was too large, with around 4x more SLP created per day than burned. This caused the token to spiral into hyperinflation amid the record rewards emission in the blockbuster year of 2021.

1. The SLP token doesn’t have a maximum supply as it’s an in-game token minted due to users’ actions.
2. Each Axie is a unique NFT that can be bred to produce more Axies or traded through an in-game P2P Axie marketplace.
3. Larsen is a former competitive gamer representing the Norwegian national team in Warcraft 3 and DotA.
4. Smooth Love Potion (SLP) is the utility token in blockchain game Axie Infinity.
5. You can also use any other crypto wallet compatible with the ERC-20 tokens such as MetaMask and Trust Wallet.

Smooth Love Potion news

Nonetheless, at the time of writing the circulating supply of SLP was in the tens of millions — and this ERC-20 token does not have a hard cap. The price of Smooth Love Potion (SLP) is calculated in real-time by aggregating the latest data across 48 exchanges and 66 markets, using a global volume-weighted average formula. Players can earn SLP by winning a game in Axie Infinity, completing daily quests, battling slp coin forum other players in the Arena (PvP), or fighting in the Adventure mode (PvE). The PvP Arena mode within the Axie Infinity game lets you battle your Axies against those of other players and offers a lucrative way to earn SLP in the game. Your earning potential depends on your MMR (Match Making Ranking) rate in this mode. You can also build up the capabilities of your Axies with the help of the SLP currency.

How Does the Smooth Love Potion (SLP) Crypto Factor Into the Axie Infinity Network?

In an effort to get back the users that left the game over the span of 2022, the team is in the process of adding more community-generated content to its ecosystem and building new gaming experiences. The team behind Axie Infinity had to completely revamp the SLP rewards structure by the time the game reached its peak of nearly 2.5 million daily users in early 2022. Thereafter, SLP price took a nosedive, plunging to levels that hadn’t been seen since June 2020 and trading 99.8% down from its all-time high. Similarly, Axie Infinity’s AXS governance token fell from its all-time high of about $166 in November 2022 to around $13 in June 2022.

Will Smooth Love Potion go up or down?

The opinions and views expressed in any Cryptopedia article are solely those of the author(s) and do not reflect the opinions of Gemini or its management. A qualified professional should be consulted prior to making financial decisions. Whether SLP token is a suitable fit for your investment portfolio depends on your personal circumstances and risk tolerance. You should evaluate the level of risk you are prepared to accept before investing. We recommend that you always do your own research and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. “One major benefit of transitioning to Origin from Classic is expanded abilities to balance the SLP economy.

What is Smooth Love Potion (SLP)?

Its circulating supply continuously varies because SLP tokens are generated from in-game activities and burned when new Axies are created from the breeding process. One of the biggest reasons why the price of SLP cannot reach $1 is the token’s extremely high circulating supply, which stands at over 42 billion in March 2023. At $1 per SLP, this could take the Smooth Love Potion market cap to over $42 billion – an extremely unrealistic valuation for the digital asset. However, players began collecting SLP tokens to cash out on exchanges, affecting the game’s tokenomics.

Slow transactions and high gas fees hampered gameplay and hindered the game’s growth. Sky Mavis solved this issue by transferring Axie Infinity to a gasless chain tailored for the game https://turbo-tax.org/ in May 2021. Want to convert the Smooth Love Potion price today to your desired fiat currency? Learn about the magical world of cryptocurrencies with CoinMarketCap Alexandriа.

According to the Axie Infinity blog, the fee was adjusted in response to a slowdown in growth. Yet, it’s safe to say that SLP may continue to decline until Axie Infinity finds sustainable ways to burn the excessive supply. No play-to-earn game has deployed a largely balanced tokenomics model yet, and it remains to be seen whether Axie Infinity can pioneer a sustainable gaming economy. The price of SLP coin rallied again in August 2020 when the team revealed the kick-off of the native governance token AXS, but SLP did not set a new all-time high.

All of this means that you may have a little difficulty purchasing SLP directly with fiat. As a result, you may need to convert your dollars, pounds or euros into a mainstream cryptocurrency such as Ethereum first. No part of the content we provide constitutes financial advice on coin prices, legal advice, or any other form of advice meant for you to rely on for any purpose. Any use or reliance on our content is solely at your own risk and discretion.

This is because SLP tokens are continuously being generated from in-game activities, and are burned each time new Axies are spawned from the breeding process. In this way, the SLP crypto supply is contingent on activity in the Axie Infinity game. The play-to-earn model also implies that every time a player is rewarded with SLP the total token supply increases, adding pressure on its value. This can disincentivize players to continue playing the game as they earn less in the long term and may quickly cash out their tokens to avoid inflation-driven price drops. Smooth Love Potion (SLP) tokens can be earned as rewards by Axie Infinity players through battle or adventure mode.

It’s fairly unusual for in-game currency to be listed on exchanges like SLP has. In a way, it’s like Nintendo deciding to tie monetary value to the coins used in Super Mario. Binance, the world’s largest cryptocurrency exchange, has announced the delisting of five coin pairs from its perpetual futures. The coins to be delisted include IDEX (IDEX), Smooth Love Potion (SLP), Moonbeam (GLMR), Measurable Data (MDT), and Audius (AUDIO). He is a software engineer and has worked at the IT company Anduin Transaction.

The SLP crypto was launched in December 2019 and went on to get listed in the Binance Innovation Zone, along with the release of the alpha version of the game within the community. The next significant event in the roadmap occurred in June 2020 when the Ronin blockchain to host the Axie Infinity game was announced, followed by its mainnet launch in February 2021. Cryptopedia does not guarantee the reliability of the Site content and shall not be held liable for any errors, omissions, or inaccuracies.