Where do baby Axies come from? When two adult Axies really love each other, they drink the Smooth Love Potion and start a family.
SLP is the ERC-20 token used within the Axie universe to breed the NFT based pets. To that end, the state of this digital currency can indicate a lot about the health of the Axie metaverse in general.
Close your eyes, children
Santiment stats for SLP painted a bleak picture for the token’s prospects. For starters, SLP seems to be hitting a new low every day, and the price of $0.010763 on Feb. 6, 2022 was lower than the price exactly a year ago.
Source: Saniment Insights
Santiment also noted that sentiment among the public seemed to be bad and there has been almost no gain in recent months.
On the other hand, however, activity in the chain has increased as the price has fallen. In addition, whales with more than $100,000 worth of SLP have been collected since late last year, despite the fall in SLP prices.
Meanwhile, Nansen statistics showed that more SLP is generally made than burned on a daily basis, echoing criticisms of the highly inflationary economy of the Axie universe. This was undoubtedly also related to the price drop.
Source: Nansen
Some updates with PG rating
A Spanish edition of the Axie Infinity newsletter admitted that the game has been going through a time of “economic uncertainty”. To that end, efforts are underway to combat Axie Infinity’s problems with inflation and rising barriers to entry for new players.
A translation of the newsletter also pointed out that about four times more SLP is made than burned on most days. It confirmed that the 50 SLP earned through the adventure mode will be removed. This should reportedly reduce about 130 million SLP tokens per day. It is also planned that the daily mission pulling will be cut to 45 million SLP tokens per day.
About the native AXS token, the newsletter reported,
“For Season 20, we have expanded the leaderboard spots to 300,000 and the number of AXS we spend to 117,676.”
Is Axie feeling snappy?
At the time of writing, AXS changed hands for $61.92. This was after a 13.54% rally in the past 24 hours. Could this be a sign of the game’s changing fortunes?
Investors can hope so. Especially since AXS is still a long way from its $160+ highs of 2021.
This post SLP’s prospects may be bleak, but here’s why the odds could soon be in Axie Infinity’s favor
was published first on https://ambcrypto.com/slps-prospects-may-be-gloomy-but-heres-why-the-odds-may-soon-be-in-axie-infinitys-favor/
