Close
slp (Smooth Love Potion) currency is an ERC-20 token that is an asset of the blockchain-based metaverse game Axie Infinity. In the game, players collect unique digital pets called Axies, which are represented by non-fungible tokens (NFTs).
Players can breed these pets, sell them, or use them in battle against other players. Axie Infinity has a multi-token economy and uses another ERC-20 token called Axie Infinity Shards (AXS) as the governing token for its ecosystem. Today, the overall demand for SLP tokens has increased to such an extent that they are also traded on digital currency exchanges. In this article, we are going to introduce the SLP token and examine its role in the Axie Infinity game.
The foreign market for SLP emerged when a liquidity pool for ETH-SLP was created on the Uniswap decentralized exchange, bringing SLP out of the Axie game metaverse and into the crypto market. As Axie Infinity has become one of the most popular blockchain-based games, SLP has gained value both as an in-game asset in the metaverse and beyond.
The price of SLP at the time of writing is $0.003659 with a 24-hour trading volume of $14,161,482. Its current rank in CoinMarketCap is 152 and its market value is $158,528,469.
It is a digital currency that does not have its own blockchain. Because it is an ERC-20 token, it runs on the Ethereum blockchain. SLP tokens are earned by playing Axie Infinity. This digital asset is a substitute for experience points. SLP can be used to breed digital pets. Breeding costs start at 100SLP but gradually increase to 200SLP for the second breeding, 300SLP for the third breeding, 500SLP for the 4th breeding, 800SLP for the 5th breeding and 1300SLP for the 6th breeding. Of course, Axies can be bred a maximum of seven times, and the seventh generation costs 2100SLP. This restriction is included in order to prevent excessive inflation in the SLP market.
SLP currency
Collecting SLP currency through the game can take time and a player needs to win 15 matches to earn enough tokens to run the first breeding process. Buying SLP on the open market is a way to get players up and running faster. As a result, a secondary market has been launched on Uniswap for SLP token exchanges.
In fact, Axie Infinity is not responsible for selling SLP tokens to players. Also, they do not provide the necessary liquidity for SLP token exchanges. Instead, Smooth Love Potion tokens are generated in the Axie Infinity game itself. To earn SLP in the game, players must win battles against computer-controlled monsters in “adventure mode” or compete with other players in “arena mode”. Winning any of these scenarios awards players with experience points and SLP tokens.
SLP digital currency, like other digital currencies, is supported by various hardware and software wallets. As a result, you can use both types of wallets to store your SLP currencies. All you need to know is the pros and cons of each wallet. Among other things, hardware wallets such as Ledger and Trezor provide high security for your assets. On the other hand, software wallets such as Metamask, Token Pocket, Trust Wallet, iToken, Free Wallet and Assure Wallet are easier to use.
SLP
The price of Smooth Love Potion reached an all-time high of $0.3642 on May 1, 2021, then declined by approximately 75%. Prices again peaked at $0.3462 in mid-June, but have followed a downward trend since then.
The analysis site based on the Wallet Investor algorithm has considered a downward trend for the SLP currency in its long-term forecast. The data shows that SLP could drop to $0.0016 next year, and by 2027, its price could reach $0.0001.
Gov Capital’s SLP price forecast shows that the price is likely to reach zero by April next year. DigitalCoin, on the other hand, expects the price to go higher based on historical data and estimates that the price of this digital currency could average $0.05 in 2025 and $0.12 in 2030.
In general, it should be said that the digital currency market fluctuates greatly, and this makes it difficult to accurately predict the price of a token even for the next few hours, and analysts’ predictions can be wrong. As a result, Mihan Signal suggests that you always do your research and consider the latest market trends, news, technical and fundamental analysis, and experts’ opinions before making an investment decision, and never lose more than you can afford. Do not invest.
