Smooth Love Potion or SLP is an ERC-20 token compatible with the Ethereum network with an application within the Axie Infinity gaming universe. Axie is a game with a blockchain-based economic design that rewards users for the time and efforts they put into playing and their contribution to the ecosystem. It has a growing 100% player-owned real money economy where members can truly own, buy, sell, and trade resources they earn in the game. Axie is also a social network with a strong community.
The key goal of the project is to attract blockchain developers and make Axie a launchpad for independent startups. With the help of the platform, the team strives to create a digital nation where people from all over the world come together with their digital pets to play, earn, and live.
Axie Infinity is a game where users and the development team work together to grow the network. The platform is structured as an open digital pet universe, in which users must collect teams of Axies, build a land-based kingdom for them, and use them across various games.
Axies are collectible digital creatures that love to battle and hunt for treasure. There are hundreds of Axies with different body parts, appearances, and unique characteristics that reflect their availability and fighting power. Axies body parts’ abilities vary, i.e. they have completely different values, benefits, and skills from one game to another. Creatures also have their own unique card images that players can collect. All pets’ genetic information is stored on the Ethereum blockchain.
To start playing, users need 3 Axies. They can purchase them from other players as NFTs on the Sky Mavis open market or acquire eggs from the Axie Lab. Besides, they are able to create new Axie eggs by breeding their own creatures. Another way to obtain Axies is from groups giving loans in the form of a scholarship. In this way, both the scholarship holders and the groups lending out Axies earn an income. Breeding an Axie costs some AXS and Smooth Love Potions.
The SLP token
Smooth Love Potion (SLP), as well as Axie Infinity, was developed and launched by Sky Mavis, a technology-focused game studio as a replacement for XP (experience points). With the release of the Community Alpha on December 19, 2019, XP took on a new use while SLP took its place. It was formerly known as Small Love Potion. Although SLP is an ERC-20 token, it is minted and primarily used on the Ronin sidechain created by Sky Mavis to avoid huge Ethereum gas fees when transferring SLP.
The SLP token does not have a hard cap because the number of coins entering the ecosystem is determined by the number of Axie Infinity used by players. The price of the token is also dependent on the status of the Axie Infinity ecosystem. The more players join the community and start playing, the higher is the mintage of tokens which makes the price drop. To raise the price of SLP and encourage investors to buy the token, the company uses a burning mechanism. SLP tokens are burnt whenever a new Axie appears.
Being a utility token, SLP can be obtained through playing, bought, or earned. Users can earn SLP tokens by winning competitions and tournaments in a player versus player (PvP) or player versus environment (PvE) arenas and completing in-game adventures in the Axie Infinity game. The daily challenge includes 10 Adventure wins and 5 Arena matches wins and allows earning 50 SLP. Players can earn up to 700 SLP a day. They are able to claim the earned coins manually every 14 days.
Smooth Love Potion can be stored in any Ethereum or Ronin wallet that was specifically created for the Axie universe. It can also be bought, sold, or traded against ETH, USDT, BUSD on OKX, Mandala Exchange, Bitget, Gemini, KuCoin, Uniswap V3, OKEx, and FTX. Sky Mavis’s own decentralized exchange Katana allows users to swap SLP for WETH, AXS, or USDC. Besides, you can trade SLP on Binance Innovation Zone with ETH as a trading pair. To trade your SLP, you will first have to move your SLP from the in-game wallet to your Ethereum wallet. At the time of writing, Trezor is the only hardware wallet that supports SLP.
Smooth Love Potion has several use-cases within the ecosystem. As an in-game currency, it can be utilized to breed digital pets known as Axies and staking. Breeding means minting a new Axie with newly generated traits. Users can breed pets seven times as a maximum. The cost per breed depends on the number of breeds of both parents. It starts at 100 SLP, and increases each time reaching 2100 SLP. This limit is set to prevent hyperinflation in the market.
To stake SLP, a corresponding liquidity pool was created on Uniswap. Investors can also become donors by giving a portion of their Smooth Love Potion gains to a charity thus lowering their taxes.
The AXS token
Axie Infinity Shards or AXS is another ERC-20 Axie Infinity token. It is used as a governance token for the Axie Universe. AXS holders have the right to decide on the use of Marketplace fees, which are collected in the Community Treasury. In addition, they can determine how the game evolves in time.
SLP team and partners
The founder and CEO of the company that created Axie Infinity and SLP is Trung Nguyen, a software developer passionate about exploring blockchain’s potential in gaming. Aleksander Larsen is the COO responsible for all business-related things. Andy Ho is the CTO responsible for the company’s technical strategy.
The company has acquired several advisors such as Hashed, a global, early-stage venture fund, Delphi Digital, a cryptocurrency research firm, Edward Lee Lee, a security researcher from Blackwing Intelligence, and Sebastièn Borget, the President of the Blockchain Game Alliance.
So far Axie has established partnerships with Ubisoft, Aave, Binance, Delphi Digital, Kyber Network, Upbit. MakerDAO, AAVE, and Kyber Network gave away rewards and tokens to Axie players as promotions.