Smooth Love Potion (SLP) Token Has Risen in Price by 220% in a Week. What’s Happening?
The developers of Axie Infinity, the popular blockchain game, have announced changes that aim to improve the economy of this trendy GameFi project.
Over the past seven days, the price of the Smooth Love Potion (SLP) token has increased by 224%. The altcoin price began to rise after the developers of the blockchain game Axie Infinity announced that they had changed the game rules. As a result, players will no longer receive SLP tokens for completing Daily Quests and participating in the Adventure Mode. The developers estimate that this measure will reduce the issuance of new SLPs by about 45 million tokens every day.
As a first step towards stabilizing the economy, the developers have removed all SLP rewards from Adventure Mode, which was originally intended as a way for the community to learn how to play. The reason is that this mode has outlived its purpose.
On February 17, the SLP token was trading at approximately $0.025 on the LATOKEN crypto exchange, and its capitalization is $1 billion, according to CoinGecko. In July 2021, Smooth Love Potion hit an all-time high above $0.39. However, since then, it has fallen in price by 93%.
About Axie Infinity
Axie Infinity was launched in 2018 by Vietnamese game studio Sky Mavis. In December 2019, an alpha version of the game was presented. The company has raised $13 million in funding from top-notch firms like Animoca Brands, Hashed, Consensys, and others.
Axie Infinity is a collectible NFT game built on Ethereum where users breed Axie virtual creatures. Each Axie is a unique non-fungible (NFT) token.
Thanks to Axie Infinity, the idea of NFT-based games has grown into a separate sector in the cryptocurrency market. Axie Infinity has become the new industry’s mainstay and top-grossing cryptocurrency app, bringing in over $343 million to its creators. Axie Infinity has about a million active users every day, and many of them make good money playing it. That is why Axie Infinity is so popular in developing countries; income may exceed the average salary of citizens of such countries. The most notable example is the Philippines, where many people have lost their jobs due to the Covid-19 pandemic. Axie Infinity has become the only break in the clouds for them.
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