Everything you need to know about the tokens of the hot blockchain game
Axie Infinity is the original play-to-earn game. The platform launched an industry and still acts as a key feature of the web3 ecosystem. As with all blockchain-based games, Axie Infinity is powered by native tokens. But what are these tokens, and what do they do? This article will tell you all about Axie Infinity’s SLP and AXS tokens.
- What is Axie Infinity?
- SLP token: Smooth Love Potion
- AXS token: Axie Infinity Shards
- Dive deeper into the Axieverse
What is Axie Infinity?
Axie Infinity is a Pokemon-inspired digital pet universe where players use their cute characters called Axies in various games. The Vietnamese project became the world’s most-played play-to-earn blockchain game in 2021.
Therefore, it played a massive role in taking the Web3 technologies in gaming to a larger audience. As you can see on the DappRadar Top Blockchain Games Ranking, Axie Infinity has had a stable position in the top spots for years.
SLP token: Smooth Love Potion
Smooth Love Potion, aka SLP, is an uncapped utility token players can utilize within the game to breed new Axies. The token can either be mined through playing Axie Infinity, bought via Uniswap, or earned by participating in various promotions or tournaments.
Whenever you want to breed new Axies, you need Smooth Love Potions. In this instance, the spent SLP will be burned and replaced with a new Axie.
Before introducing SLP, Axies used experience points, or XP earned through the original auto-battle system, to breed. With the release of the Community Alpha in 2019, XP was given a new purpose, so SLP was injected to take its place as the new “currency” behind breeding.
Breeding and trading with SLP
Each time users breed an Axie, SLP is consumed. The cost per breed depends on the breed count of both parents Axie’s – the higher each parent’s breed count, the more SLP will be used.
Each parent breed # is multiplied according to the information below to determine the # of potions required.
To trade your SLP, you will first have to sync it with your Ethereum wallet. Go to your Profile Dashboard, and in the bottom left-hand corner click the button that says “Sync Love Potion”. This will move your SLP from your game wallet to your Ethereum wallet. It is now available to trade.
You can now go to Uniswap, which is currently the only place you can Buy or Sell SLP.
The price of the Smooth Love Potion has been a significant driver for activity in Axie Infinity as it enables players to earn value from playing the game as they sell their SLP tokens to players who require it to breed their Axies.
Looking at the total dollar amount accrued by Axie Infinity in Ethereum over its short lifespan, it is clear that the blockchain game has found its place within a market dominated by a few.
Land sales have clearly generated the most community interest and revenue and, interestingly, represent a future activity in the game.
AXS token: Axie Infinity Shards
The Axie Infinity ecosystem also has its own unique governance token, known as Axie Infinity Shards (AXS). These are used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.
AXS tokens were introduced on Binance in November 2020 and are an ERC-20 governance token for the Axie universe. Holders will shape the future of Axie Infinity by signaling their support for upgrades to the ecosystem and directing the usage of a community treasury.
AXS token holders’ benefits
AXS holders will be able to claim rewards if they stake their tokens, play the game, and participate in key governance votes. Players will also be able to earn AXS when they play various games within the Axie Infinity Universe and through user-generated content initiatives.
AXS staking acts as an incentive for holding AXS and supporting the ecosystem. Stakers receive freshly issued AXS and will be able to signal their support for various proposals to improve Axie Infinity. AXS stakers will eventually direct usage of the community treasury.
Keep tracking Axie Infinity tokens
- What is Axie Infinity and How Does It Work?
- How to Breed Axies? A Step-by-Step Guide
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- Top 10 Best Upcoming Crypto Airdrops
- Blockchain Gaming: DappRadar’s Ultimate Guide
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