Everything you need to know about the tokens of the hot blockchain game
The Axie Infinity Universe highlights the benefits of blockchain technology through play to earn gameplay and a player-owned economy. But what are Axie Infinity’s tokens, and how to get them? This article will tell you all about Axie Infinity’s SLP and AXS tokens. Let’s dive in!
What is Axie Infinity?
Axie Infinity is a Pokemon-inspired digital pet universe where players use their cute characters called Axies in various games. It’s a Vietnamese project that 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 a stable position in the top spots for months.
- Read more about it in our complete article What is Axie Infinity and How Does It Work?
What is Axie Infinity’s SLP Token?
Smooth Love Potion, aka SLP, is an uncapped utility token that can be utilized within the game to breed new Axies.
Whenever you wish to breed new Axies, you need Smooth Love Potions. In this instance, the spent SLP will be burned and be replaced with a new Axie.
Prior to the introduction of SLP, Axies used experience points, or XP earned through the original auto-battle system to breed.
With the release of the Community Alpha on 12/19/2019, XP was given a new purpose, so SLP was injected to take its place as the new “currency” behind breeding.
Breeding 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:
(1st Parents Breed # x Potions Required) x (2nd Parent’s Breed Count x Potions Required) = Total SLP Required
See the below chart to determine the cost for each parent breed count:
- First Breed: 100
- Second Breed: 200
- Third Breed: 300
- Fourth Breed: 500
- Fifth Breed: 800
- Sixth Breed: 1,300
- Seventh Breed: 2,100
Read further: Axie Infinity Boosts SLP with Breeding Fee Adjustments
Buying and Trading SLP
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.
Without SLP users cannot breed and breeding Axies to sell has become a popular pastime for some.
Looking at the data, it’s easy to see why when some Axies got to reach values of more than $60,000. Furthermore, fractional ownership is allowed through the sharding of a single Axie.
Looking at the total $ 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.
Axie Infinity has already generated over 6500 ETH or $2.8 million. Perhaps more surprising is the weighting of this revenue across the various streams.
Land sales have clearly generated the most community interest and revenue and interestingly represent a future activity in the game.
What is Axie Infinity’s AXS Token?
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.
Axie Infinity Shards (AXS) 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 usage of a community treasury.
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.
Axie Infinity Rewards Players
A game needs players, and by simply playing, users are adding value to the network and should be rewarded. Axie Infinity has already changed lives. Now, play to earn is catching on and Axie wants to scale the model to millions of players with AXS being the foundation of the mission.
The team behind Axie envisions players earning AXS by:
- Completing quests and dungeons.
- Winning tournaments.
- Interacting with and tending to your land plots.
- Using Axie Infinity products such as the Marketplace.
- Creating content & building tools/experiences.
Axie Infinity is a fascinating project that has captivated a strong audience and successfully built on the play-to-earn model. It will be fascinating to observe how the next few months evolve as the community get to grips with the AXS token and staking functions.
Keep Tracking Axie Infinity Tokens With DappRadar
As always, we at DappRadar will continue to track and monitor developments in the Axie Infinity space.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research.