You’ve probably heard of Axie Infinity. It’s one of the world’s most popular blockchain-based games, and was pretty much the pioneer of play-to-earn mechanics. But did you know there are two different tokens used in the Axie Infinity ecosystem?
There’s the Axie Infinity Shard, which has the ticker “AXS”, and then there’s Smooth Love Potion, which has the ticker “SLP”. Join us as we take a deeper look into the Axie universe, and explain the difference between the two native tokens. This cute little creature is an Axie, and to begin exploring the Axie universe, you’ll need a party of three. Axies can be bought, bred or battled, and thanks to gaming guilds like Yield Guild Games, can now even be rented! Axies (like most NFTs) are massively customizable, and with more than 500 unique body parts it’s rare to see two creatures that are exactly alike.
Each Axie has its own character card which explains all of the strengths and weaknesses that help it in combat. Players who want to level up their Axies can battle them in tournaments to gain new experience.
One way to get Axies is to buy them from Axie’s decentralized marketplace, where sellers can list their Axies and buyers can place bids on them.
While the average price to buy an Axie is about $200, the most expensive Axie ever sold went for an astonishing $800,000. Buy why buy when you can breed? Breeding is one of the most interesting features of Axie Infinity, since it allows players to create a new Axie with mixed characteristics from its parents.
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And this is where the tokens come in! Players can breed any two Axies, so long as they pay a fixed fee of 4 AXS tokens, and an amount of SLP tokens that is determined by the number of breeding combinations.
Smooth Love Potion is a utility token that participants can earn for playing the game. The SLP token’s primary use case is paying for the breeding of Axies, although SLP is also used to buy in-game items.
Depending on which Axie is being bred, as few as 100 SLP tokens or as many as 2,100 tokens could be required. Players can get SLP for completing quests and battling in the arena. Alternatively, anyone who wants to start breeding their Axies right away can buy SLP on an exchange.
When SLP is used to breed an Axie the tokens are burned, which prevents the supply of SLP from increasing too quickly.
Axie Infinity Shards, or AXS tokens, are different to SLP because they are the game’s governance token, giving players a vote on decisions that might affect the future of the game, such as how treasury tokens are spent.
AXS investors can also stake their AXS to help secure the application, and to earn a nice passive income! In the beginning, AXS gave holders a return of around 400%, which encouraged more people to stake, and contributed to the huge price increase of the token in 2021.
Also, Axie Infinity is now the most popular blockchain game in history, with more than $4 billion in NFT trades since its release, and 2 million active daily users at its peak.
To cope with all of this demand, Axie Infinity moved to the Ronin sidechain to reduce fees and speed up transaction times.
To join Axie Infinity, players need to move ETH from the Ethereum mainchain to Ronin using the Ronin bridge. When a player moves ETH to Ronin it’s automatically converted into Wrapped Ethereum, which is used to pay for those lovable Axies!
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