The SLP token is rising today and was trading at $0.01926 at the time of writing; There has been an increase of 24.17% in the last 24 hours.
Its trading volume stood at $1,262,461,511 after an increase of 136% over the past 24 hours.
Why is the SLP token price rising today?
The main reason for the increase in the price of SLP tokens is the imminent decrease in the supply of SLP tokens by Axi Infinity.
Some may ask how the two (Smooth Love Potion and Axi Infinity) are connected. But here’s how.
Smooth Love Potion (SLP) is earned by winning competitions on Axi Infinity, the Metaverse Blockchain that allows gamers to play and earn while playing games.
Axie Infinity players collect, breed, raise, battle and trade non-fungible tokens (NFTs) based creatures called ‘Axies’. Players earn Smooth Love Potion (SLP) tokens as rewards and SLP tokens can later be redeemed for breeding new ‘Axis’ creatures.
SLP tokens are different from AXS, which is the cryptocurrency used for transactions within the Axi Infinity ecosystem.
Axi Infinity Developers to Shorten SLP Token Supply
The Axi Infinity developers want to make SLP tokens scarce by implementing changes that will rebalance the ecosystem.
smooth love potion[एसएलपी]The team has this to say about the token issuance:
“The daily search was, in theory, great for encouraging people to play every day, but now it has become a massive emissions mechanism for SLP. Removing the daily search, we can expect about 45 million per day Can reduce the issuance of SLP.
The developers described it as a “pain medication”, which would be necessary for the game’s future progress. If implemented, the supply of SLP tokens is expected to drop by up to 56%, as the developers emphasized that:
“The Axi economy now needs drastic and decisive action, or we risk a total and permanent economic collapse. It will be far more painful.”
The team wants to create a $6 million prize fund and change its reward structure.
In Season 19, Axie Infinity awarded 3,000 AXS to the best player on the leaderboard. The reward for the top 300,000 players next season has increased to 117,676.
The team concluded by saying:
“Simply put, we have given priority to development and have covered lakhs of people. Without this approach, Axi could have remained a small, niche game with a few thousand players.
During the past several days, the price of the Axi Infinity Token (AXS) has risen along with the recovery of the general crypto market. Its current price level is 30% higher than at the end of January.
Following the news of the SLP reduction, the SLP price rose by over 40% before retreating from its current price.