Summary
Smooth Love Potion (SLP) is an ERC-20 game token in the popular NFT game Axie Infinity. This token is in unlimited supply and is the main source of income for players of the Axie Infinity game. In the Axie Infinity ecosystem, players can use SLP to breed digital pets called Axies, and then sell these pets as NFTs on the market to other players. SLP can also be traded on cryptocurrency exchanges such as Binance.
To earn SLP, players can complete daily quests, fight other players in the Arena (PvP), or fight in Adventure Mode (PvE). Players can earn a limited amount of SLP each day, and once a new Axie is created, the SLP used for breeding will be destroyed.
Introduction
Amid the NFT craze, blockchain technology has opened up a whole new world of possibilities. More and more companies are choosing to create their game metaverses on the blockchain, many of which allow players to earn income while playing games. Axie Infinity is one of them, and its popularity has skyrocketed since 2018.
Axie Infinity's rewards include its own ERC-20 token: Smooth Love Potion (SLP). As a cryptocurrency, users can buy and sell SLP tokens on the cryptocurrency market. In the game, SLP can be used to breed new Axies, which can be traded as NFTs on the Axie Infinity marketplace.
What is Axie Infinity?
Axie Infinity is a play-and-earn game where players battle each other through unique game characters called "Axies". You can think of Axies as Pokémon. Each Axie has different classes, body parts, and attributes. They are non-fungible tokens (NFTs) that can be stored in an Ethereum wallet or Ronin wallet.
The Axie Infinity ecosystem is built on the Ethereum blockchain. To play the game, you need to assemble an Axie team. You can buy Axies on the market or borrow them from other players through the scholarship program. You can also use Smooth Love Potion (SLP) to breed new Axies. SLP tokens can be obtained by playing Axie Infinity, and top players can also receive AXS token rewards. In addition, AXS holders can participate in the governance of the Axie Infinity ecosystem.
What is Smooth Love Potion (SLP)? How does it work?
As mentioned above, Smooth Love Potion (SLP) is the native cryptocurrency of the Axie Infinity game. Previously known as Small Love Potion, SLP is an ERC-20 game token with an unlimited supply. As of November 2021, SLP has a market cap of $197 million and a circulating supply of over $3 billion.
Players can earn SLP by completing daily tasks or participating in battles or adventure games. After obtaining a certain amount of SLP currency, players can start breeding their own unique Axie. The cost of breeding each Axie varies because it depends on the number of Axie (parents) that already exist. Each Axie can be bred up to 7 times. As the number of breedings increases, more SLP is required.
SLP is an altcoin with a burning mechanism. After each breeding in Axie, the SLP tokens used will be permanently destroyed. Since players can only mine a limited amount of SLP in the game every day, if players want to get ahead of others in the breeding game, they will need more and more tokens. The price of SLP varies according to the scale of supply and demand. It reached its all-time high of $0.41 in July 2021.
In the Axie Infinity metaverse, SLP is more than just an in-game currency used to breed new digital pets. It is also a reward token when players enter new levels or win battles with their Axies. On the other hand, holders can speculate on the price of SLP and trade it on cryptocurrency exchanges such as Binance. SLP can also be used in Uniswap liquidity pools. SLP has now become part of the play-and-earn craze, allowing players to earn income by playing Axie Infinity.
How to earn SLP in Axie Infinity?
SLP players can earn SLP by completing daily quests, fighting other players in Arena matches (PvP), or fighting monsters in Adventure Mode (PvE).
1. Complete daily tasks
As of November 2021, you can earn 25 SLP by completing daily tasks, including daily check-ins, passing 10 adventure mode levels, and winning 5 competitive battles.
2. Arena Battle (PvP)
Arena (PvP) is the main source of SLP rewards in the game. PvP Arena matches players based on their ranking (MMR). Each Arena match will use one energy based on the player's MMR, and each victory will provide one SLP reward. The higher your ranking, the more SLP you will win after each victory. It should be noted that you need to have an MMR higher than 800 to receive SLP rewards.
If you run out of Energy, you can still increase your MMR through PvP, but you will not receive SLP rewards. You can check your Energy level through the main menu in the upper left corner of the screen. Energy is determined by the number of Axies you have:
3 to 9 Axies: 20 Energy.
10 to 19 Axies: 40 Energy.
20 Axies or more: 60 Energy.
3. Combat in Adventure Mode (PvE)
Adventure is the single-player mode in the game. It contains 36 levels, with each level getting more difficult and rewarding more SLP. You can earn up to 50 SLP per day by playing Adventure. Energy is not required to start Adventure, but only when you want to gain experience points for your Axie.
Compared to PvP, PvE requires less time and effort to mine SLP. However, each adventure level can only get a one-time SLP reward. You can play the same game level again to meet the requirements for obtaining SLP rewards through daily tasks, but you will not get any additional SLP rewards. To earn more SLP, you can also defeat monsters in specific levels to get a one-time SLP reward.
How to withdraw SLP from Axie Infinity to Ronin Wallet?
Once you earn SLP in the game, you can manually claim it every 14 days.
1. Log in to your Axie Infinity account and link your Ronin wallet. Click [Claim Tokens] in the menu to see the amount of SLP you can claim and when you can claim it. Then click [Claim SLP] to transfer the SLP to your Ronin wallet.
2. Return to the Axie Infinity account dashboard and make sure your Ronin wallet is linked. Click [Claim Tokens] - [Claim SLP]. You will see the SLP you have claimed in your Ronin wallet.
3. If you want to sell your SLP, you can transfer it to MetaMask or another Ethereum wallet through the Roning Bridge. Alternatively, you can also send SLP directly to your Binance Ronin wallet through the RON network. This will save you money because you don’t have to pay Ethereum (ETH) gas fees.
Please note: You can also trade SLP for another cryptocurrency through the Katana DEX. As of the time of writing, the swap feature supports AXS, WETH, USDC, and SLP.
How to buy SLP on Binance?
To breed more Axies, you may need to get more SLP tokens. In addition to getting them by playing the Axie Infinity game, you can also buy SLP on cryptocurrency exchanges such as Binance. You can then transfer them to your Ronin wallet via the Ronin (RON) network.
1. Log in to your Binance account and go to [Trade]. Select [Classic] or [Advanced] trading mode to get started. In this tutorial, we choose [Classic].
2. Next, type “SLP” in the search bar to view a list of available SLP trading pairs on Binance. Let’s use SLP/BUSD as an example.
3. Under [Spot], select the order type and enter the amount you want to buy. Click [Buy SLP] to place the order, and you will see the purchased SLP in your spot wallet. From here, you can click [Withdraw] to transfer it to an external wallet.
Summarize
Axie Infinity is one of the hottest DeFi projects today. As a game token in a play-and-earn blockchain game, SLP provides players with a simple and interactive way to earn extra income. In fact, SLP rewards have enabled many communities in many countries or regions such as the Philippines to increase their fiat currency income during the economic crisis caused by the COVID-19 pandemic.