Smooth Love Potion (SLP) is at the heart of the reward mechanism for the Axie Infinity game. Playing and Axie battles generate SLP rewards. The player then has a choice – to use SLP and breed more Axies, or sell SLP on cryptocurrency exchanges and cash out.
SLP to Philippine peso (PHP) swaps also added to the asset’s popularity, as the country’s community used the play to earn potential of Axies for significant returns.
How the SLP Token Works
The SLP token is a digital asset based on Ethereum, meaning it requires some ETH inside each SLP wallet to be able to move the tokens. SLP can also move to the new Ronin network, using a smart contract with some gas fees to deposit and withdraw between two blockchains.
SLP has no maximum supply, and instead, its availability grows based on game usage. Each Axie gameplay generates new SLP tokens. So far, more than 3.2B SLP have entered the market, creating significant selling pressure and affecting the price.
SLP slid from its peak prices in the summer of 2021, when it touched levels above $0.30, and sank to $0.03 toward the end of the year.
How to Hold SLP
SLP can be held in any Ethereum-compatible wallet, with MetaMask the most easily accessible tool. Other options include TrustWallet or Binance Wallet set to the Ethereum network. Make sure you are holding the right SLP token by verifying its smart contract.
The original SLP token as listed by Etherscan, is held in 144,995 wallets. A significant portion of tokens is held on cryptocurrency exchanges like Binance, KuCoin and OKEx, in preparation for trading or selling. Holding SLP on exchanges may be risky, and the asset cannot be used in the game from any of the exchange wallets.
How to Sell SLP
SLP is most easily acquired within the Axie Infinity game. Changelly does not offer fiat buying pairs or fiat selling for SLP.
Changelly, however, offers limited swapping opportunities for moving between SLP and other more easily traded assets. Swaps may hinge on current liquidity and availability.
SLP has multiple pairings on the Binance exchange, including a swap between SLP and the Turkish lira (TRY). Swapping SLP for TRY was added to boost the Turkish community, based on the country’s wide-ranging cryptocurrency adoption.
Where is My SLP
The exact status of SLP depends on where the Axie Infinity gameplay is taking place. Originally, SLP was created as an Ethereum asset. But the Axie Infinity game is in the process of moving over to the Ronin Network, a new and faster solution for play to earn.
The SLP from game balances will appear on the Axie account dashboard. To swap the SLP on Changelly or another service, the Sky Mavis swapping bridge is the go-to service.
The Ethereum-Ronin bridge for Axie Infinity works both ways, allowing players to deposit or withdraw assets from their game earnings. To be certain the SLP will be swapped successfully, your MetaMask wallet must be supplied with enough ETH.
Failing to provide the ETH fee may result in your SLP getting stuck and lost. Always check Ethereum fees and check for sufficient funds before sending the transaction.
Is SLP Valuable
SLP has a volatile market price, but earning the tokens on the Axie Infinity game may have value. For now, SLP has a limited role within the game. But there are ways to have passive earnings with SLP.
SLP, along with ETH, can be deposited on the Ronin network, once again using the Sky Mavis bridge. Once wrapped ETH and SLP are available, they can be locked in liquidity pairs on the Katana exchange.
Providing liquidity is risky, but the reward is the RON token, which cannot be acquired in any other way.
Staking SLP will be one of the riskiest tools to extract value. Locking assets on a decentralized exchange may lead to immediate losses when other traders withdraw or trade in their tokens. Only lock in SLP and ETH if you can afford to wait out the temporary losses and understand the effect of fees on your final result.
The RON token has not started trading, and has no set value, thus becoming a bet on its future importance and performance.
