Smooth Love Potion (SLP) is one of two tokens used within the widespread blockchain-based fame Axie Infinity. It is an ERC-20 token issued on Ethereum that must be earned by playing the game and functions as the in-game currency within the Axie Infinity ecosystem.
Axie Infinity lets players collect, raise and pit cute monsters known as Axies against each other to complete quests and earn rewards. The SLP cryptocurrency facilitates this gameplay, allowing users to generate and add more value to their gaming experience.
Players can earn rewards within the game in the form of SLP tokens and then spend them on developing the characters or Axies. SLP crypto can also be sold on secondary marketplaces. In addition, due to the rising popularity of the Axie Infinity game, its SLP token is also accepted as a payment method across businesses in the Philippines.
The SLP crypto was initially called the Small Love Potion when the game first launched in 2018. However, it was since renamed Smooth Love Potion and has experienced much volatility thanks to the game taking off and becoming one of the most popular blockchain-based games in the world.
Players earn $SLP tokens based on their performance within the Axie Infinity game. Higher performance ensures a higher generation of Smooth Love Potion crypto in the game and can maximize your future potential within the game as well.
You can receive rewards in Smooth Love Potion tokens whenever you win battles in the PvP mode (player vs. player) against other players. The PvP or Arena mode lets you play multiple matches with your Axies.
However, some Axie Infinity players may find earning enough SLP through gameplay challenging. While Axie Infinity does not directly sell SLP coin within the game, players have the option to buy the crypto on secondary platforms and use it to improve their performance in the game.
The SLP token thus earned or obtained can be used to breed new digital pets, which can be used for new battles or sold to other players to increase your earnings from the game.
Here are the most important use cases for the Smooth Love Potion token:
The SLP token functions as the in-game currency within Axie Infinity. You can use the Smooth Love Potion earned or bought on secondary markets to purchase new Axie monsters.
You can also build up the capabilities of your Axies with the help of the SLP currency. Use your SLP experience points to buy items from the Axie Infinity marketplace to increase their value and earning potential.
The SLP crypto is a valuable digital asset to invest in or trade against other cryptocurrencies on top exchanges. You can buy Smooth Love Potion, sell SLP or hold it in the long term as an investment if you believe in the potential of the Axie Infinity game. Always ensure that you check the latest Smooth Love Potion price, market cap, and 24-hour trading volume and perform fundamental, technical, and sentiment analysis on SLP price before entering a new trade.
You can also invest in SLP tokens as an exciting way to generate a stream of passive income. KuCoin’s Crypto Lending feature is one option where you can lend liquidity in SLP and earn attractive returns on your investment.
Due to the soaring popularity of the Axie Infinity game in key markets, especially the Philippines, several offline and online businesses accept SLP as a valid payment method. You can use your Smooth Love Potion cryptocurrency to purchase goods and services from such stores.
Both SLP and AXS are native tokens of the Axie Infinity game but serve very different purposes. Smooth Love Potion (SLP) is the in-game currency and utility token earned by playing the game and can be spent on buying and building Axies.
On the other hand, Axie Infinity Shards (AXS) serve as the governance token of the game. Holders of the AXS token enjoy voting rights within Axie Infinity and can also stake them to receive rewards via revenues from the game’s community treasury.
However, to really succeed in the game, you need to hold both SLP and AXS. Both ERC-20 tokens are required to breed new Axies and increase your chances of earning within the game.
One of the most significant differences between the tokens lies in their circulating supply and total supply. SLP has no fixed total supply (uncapped) and remains in full circulation, meaning that 100% of the total supply of the crypto is up for grabs in the game’s ecosystem. Meanwhile, the AXS crypto has a fixed total supply of 270 million, and less than a quarter of this is currently in circulation as of June 2022.
As the utility token of one of the most played blockchain games in the world, the Smooth Love Potion enjoys the status of being a leading GameFi token worth investing in. As more users sign up to play Axie Infinity, the SLP token price and market cap could experience a boost in the future, making it a worthy digital asset to invest in.
As the Axie Infinity ecosystem evolves and rolls out new use cases for the Smooth Love Potion, the demand for the cryptocurrency could climb even higher, driving up the SLP value. In such an event, the SLP price statistics could enjoy further support.
The Smooth Love Potion price, trading volume, and live market cap can also register an uptick amid rising market demand for cryptocurrencies or Play-to-Earn (P2E) experiences. These events could drive more investors into crypto assets like the SLP coin and drive up the price of Smooth Love Potion crypto, making it an attractive investment.
As of March 2023, the all-time high price of Smooth Love Potion stands at $0.4191, well under the $1 mark. Meanwhile, the SLP price trades well below this level at the time of writing.
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.
While positive market sentiment, higher demand for the Smooth Love Potion token, and an increase in the number of gamers playing Axie Infinity can support the SLP token price, it is highly unlikely to cross the $1 level. For this to happen, the Axie Infinity developers will have to burn tokens and significantly bring down the circulating supply or SLP in the market.
Axie Infinity, the game which uses the SLP crypto, is the brainchild of Trung Nguyen, who now serves as the CEO of Sky Mavis. This company oversees the development of the game and its cryptocurrencies. The game was founded in November 2017 when work on its development started, followed by the release of its whitepaper in March 2018.
The first round of sales of Axie NFTs took place in April 2018, helping the team raise 900 ETH in funds. Following the pre-sale round, the Axie land sale took place in January 2019, where NFTs in the form of land within the Axie Infinity ecosystem was put up for sale and helped raise 3,200 ETH.
The company Sky Mavis was officially established in April 2019, with its headquarters in Singapore. The seed funding round for the game in November 2019 helped the company raise $1.5 million.
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.
There are several ways to increase your Smooth Love Potion holdings, including:
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.
An MMR above 2500 can let you earn as much as 14 SLP in the Arena mode at a time. However, a lower MMR of 0-999 earns you only 1 SLP on victory.
Axie Infinity used to allow players to earn SLP by completing daily quests or previously playing in the single-player mode or Adventure mode. However, the game’s developers removed these two options in the Season 20 update to prevent hyperinflation as they caused an oversupply of SLP in the market, bringing the token’s value down.
In addition to earning SLP tokens by playing Axie Infinity, you can also purchase SLP on leading crypto exchanges. You can then choose to grow your SLP holdings via options such as lending to the liquidity pool on platforms such as KuCoin.