TL;DR
Smooth Love Potion (SLP) is an ERC-20 gaming token in the popular NFT game Axie Infinity. It has an unlimited supply and is the primary source of income for Axie Infinity gamers. Within the Axie Infinity ecosystem, players can use SLP to breed digital pets called Axies, which can then be sold on the marketplace as NFTs to other players. SLP can also be traded on crypto exchanges like Binance.
To earn SLP, players can complete daily quests, battle other players in the Arena (PvP), or fight in the Adventure mode (PvE). There is a limited amount of SLP players can earn per day, and the SLP used for breeding will be burned once a new Axie is created.
Introduction
Amidst the boom of NFTs, blockchain technology has opened up a whole new world of possibilities. More companies are creating their gaming metaverses on the blockchain, and many of these allow players to earn money while playing. One of them is Axie Infinity, which has been growing in popularity since 2018.
Axie Infinity rewards consist of its own ERC-20 token, Smooth Love Potion (SLP). As a cryptocurrency, users can buy and sell SLP tokens on crypto markets. Within the game, SLP can be used for breeding new Axies, which can be traded as NFTs on the Axie Infinity marketplace.
What is Axie Infinity?
Axie Infinity is a play-to-earn NFT game where players battle with each other using the unique game characters called Axies. You can think of an Axie as a Pokémon. Each has a different class, body parts, and stats. They are non-fungible tokens (NFTs) that can be stored in an Ethereum wallet or a Ronin Wallet.
The Axie Infinity ecosystem is built on the Ethereum blockchain. To play the game, you need to assemble a team of Axies. You can purchase Axies on the marketplace or borrow from other players in a scholarship program. You can also breed new Axies using Smooth Love Potion tokens (SLP). SLP tokens can be earned by playing Axie Infinity, and the top-ranked players are also rewarded with AXS tokens. In addition, AXS holders can participate in the governance of the Axie Infinity ecosystem.
What is Smooth Love Potion (SLP) and how does it work?
As mentioned, Smooth Love Potion (SLP) is the native cryptocurrency of the Axie Infinity game. Previously known as “Small Love Potion”, SLP is an ERC-20 gaming token with an unlimited supply. As of November 2021, SLP’s market cap reached $197 million USD with a circulating supply of over 3 billion.
SLP can be earned through completing daily quests or engaging in battles or adventures in the game. After attaining a certain amount of SLP coins, gamers can start to breed their unique Axies. The cost for breeding each Axie differs, as it depends on the breed counts of the pre-existing Axies (the parents). Axies can breed a maximum of 7 times each. As the breed count gets higher, more SLP is required.
SLP is an altcoin that has a burning mechanism. After each Axie breeding, the SLP tokens used will be burned forever. As players can only farm a limited amount of SLP in the game per day, the token demand is expected to grow as players try to get ahead of the breeding game. The SLP price varies according to the forces of supply and demand. It reached an all-time high of $0.41 in July 2021.
Within the Axie Infinity metaverse, SLP is more than just a game currency for breeding new digital pets. It is also a reward token for players when they reach new levels or win fights with their Axies. On the other hand, holders can speculate on the SLP price and trade it on crypto exchanges like Binance. SLP is also available on the Uniswap liquidity pools. SLP is now part of the play-to-earn movement that lets players earn an income by playing Axie Infinity.
How to earn SLP on Axie Infinity?
SLP can be obtained by completing daily quests, competing with players in Arena matches (PvP), or battling monsters in the Adventure mode (PvE).
1. Complete daily quests
As of November 2021, the daily quest gives an extra 25 SLP to players that perform the daily check-in, complete 10 adventure mode levels, and win 5 arena matches.
2. Battle in Arena (PvP)
Arena (PvP) is the main source of SLP rewards in the game. The PvP Arena matches players against each other based on their rankings (MMR). Every Arena match will use one energy, and every win will provide an SLP reward, according to the player’s MMR. The higher your ranking, the more SLP you get per win. Note that you need an MMR above 800 to get SLP rewards.
If the energy is depleted, players can still play PvP to raise their MMR, but they won’t get SLP rewards. You can check how much energy you have from the main menu at the top left of the screen. The amount of energy you have depends on the number of Axies you hold:
From 3 to 9 Axies: 20 energies.
From 10 to 19 Axies: 40 energies.
20 Axies or more: 60 energies.
3. Battle in the Adventure Mode (PvE)
Adventure is a single-player mode in the game. It consists of 36 levels with increasing difficulty and SLP rewards. You can earn up to 50 SLP daily from adventures. It doesn’t require energy to start in adventure mode, you’ll only need them if you wish to gain experience points for your Axies.
Compared to PvP, PvE requires less time and effort to farm SLP. However, you can only receive one-time SLP rewards for each adventure level. you can play the same level again to fulfill the daily quest SLP reward requirement, but you won’t receive any extra SLP rewards. To earn more SLP, you can also defeat the bosses in certain levels for one-time SLP rewards.
How to claim SLP from Axie Infinity to Ronin Wallet?
After earning SLP from the game, you’ll be able to claim it manually every 14 days.
1. Log in to your Axie Infinity account and connect your Ronin Wallet. Click [Claim Tokens] from the menu to see the amount of SLP you can claim and when you’ll be able to do it. Then, click [Claim SLP] to transfer the SLP to your Ronin Wallet.
2. Go back to your Axie Infinity account dashboard and make sure your Ronin Wallet is connected. Click [Claim Tokens] - [Claim SLP]. You will see the claimed SLP in your Ronin Wallet.
3. If you want to sell the SLP, you can transfer it to your MetaMask or another Ethereum wallet using the Ronin Bridge. Alternatively, you can send the SLP directly to your Binance Ronin Wallet through the RON network. This will save you some money as you can avoid paying ether (ETH) gas fees.
Note that you can also trade your SLP for other cryptocurrencies using the Katana decentralized exchange. As of writing, the swap function supports AXS, WETH, USDC, and SLP.
How to buy SLP on Binance?
To breed more Axies, you’ll probably need to acquire more SLP tokens. Apart from earning by playing Axie Infinity, you can also buy SLP from crypto exchanges like Binance. Then you can transfer them to your Ronin Wallet via the Ronin (RON) network.
1. Log in to your Binance account and go to [Trade]. Choose either the [Classic] or [Advanced] trading mode to start. In this tutorial, we will select [Classic].
2. Next, type “SLP” on the search bar to see a list of the available SLP trading pairs on Binance. We will use SLP/BUSD as an example.
3. Under [Spot], choose 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 there, you can hit [Withdraw] to transfer it to an external wallet.
Closing thoughts
Axie Infinity is one of the most popular DeFi projects nowadays. As a gaming token in a play-to-earn blockchain game, SLP offers players a simple and interactive way to earn extra income. In fact, the SLP rewards have enabled many communities in countries like the Philippines to improve their fiat income amidst the COVID-19 economic crisis.