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SLP Price Soars 97% After Axie Infinity Announces Reduced Token Supply

2 min read
February 9, 2022 Victoria K.

 

The price of the Smooth Love Potion (SLP) token, from the popular play-to-earn game Axie Infinity, started to react after the developers announced the implementation of changes to their reward system to rebalance the project’s ecosystem.

In the last 7 days, the SLP price has jumped around 97%, reaching a local top at $0.02377 on Tuesday morning.

SLP token price chart for the last week. Source: CoinMarketCap

Despite the momentary rally, the current price is still about 95% below the all-time high of $0.04191 reached in May last year, at the height of the game’s popularity.

Too many SLP tokens

According reported by Cryptheory, last week the developers behind Axie Infinity announced the reduction of the SLP offer. Supply is expected to drop by around 56%.

The developers admitted that the Axie economy required “drastic and decisive action now”. Otherwise, the ecosystem would risk “a total and permanent economic collapse”.

To address the issue of excess tokens on the market, the Axie team said it will end SLP earnings from adventure mode (PvE) and rewards for daily missions.

“The daily quest, in principle, was great for encouraging people to play every day. But now it has become a mass issuance mechanism for the SLP. By removing the daily mission, we were able to reduce the emission by around 45 million SLPs per day.”

The developers described the update as a “painful medicine”. But at the same time, it is something necessary for the future progress of the game.

In addition, the team promised to create a $6 million prize fund and change its reward structure.

In season 19, for example, Axie Infinity distributed 3,000 AXS to the top players on the leaderboard. This bounty increased to 117,676 for the top 300,000 players the following season.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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