Is SLP still a Good Investment in 2023?, many people have asked this same question,
To know if SLP is still worth your time and investment then read on, but first.
What is a SLP token?
The abbreviation for the cryptocurrency coin Smooth Love Potion is SLP.
The Axie Infinity game can be played to acquire Smooth Love Potion (SLP) tokens.
Experience points are replaced by this ERC-20 token, which can also be used to breed new virtual animals called Axies.
Throughout its accessibility on the Uniswap liquidity pool, the ETH-based coin has successfully entered the DeFi space as well as the gaming industry. Trade Cryptos stable coins, bitcoins and other coins on the most trusted like this platform.
Although not a sophisticated gaming token, it serves some intriguing purposes.
It mostly serves as the main cryptocurrency for Axie Infinity pet creature breeding. On Uniswap, it is also available for buying and trading.
Anyone can swap ERC20 tokens using Uniswap, an Ethereum-based decentralised exchange (DEX).
On Ethereum, the Uniswap protocol is used to swap ERC20 tokens.
Uniswap is intended to serve the community as a tool for token trading with no platform fees or middlemen, in contrast to most exchanges that are built to take fees.
Another distinction between Uniswap and most exchanges is that it performs the same functions using pools of tokens and ETH instead of matching buyers and sellers to set prices and complete trades.
The world of the online game Axie Infinity is centred around Axies, who resemble Pokémon.
The integration of blockchain technology and traditional online gaming that Axie Infinity has created sets it apart from other online games.
Ethereum-based game has a design that enables users to control their virtual assets and awards users who can master it.
How does SLP work?
SLP can be acquired through finishing daily duties, taking part in game battles, or going on expeditions.
Players can start breeding their Axies after they have a certain amount of SLP coins in their possession. SLP is a cryptocurrency that burns units of cash.
Each SLP token used in Axie breeding will be permanently destroyed. Token demand is anticipated to increase as players try to keep abreast of the breeding game because users can only farm a certain number of SLP per day in the game.
The dynamics of supply and demand affect SLP pricing. It reached an all-time peak of $0.41 in July 2021.
SLP serves more purposes in the Axie Infinity metaverse than only serving as virtual currency for breeding new animals.
It serves as a reward symbol for players that advance through the levels or triumph in combat with their Axies. Conversely, owners can trade SLP on cryptocurrency exchanges and speculatively predict its price, similar to using bitcoin trading software.
Additionally, SLP is present in the Uniswap liquidity pools. The play-to-earn trend, which enables players to earn money while playing Axie Infinity, has included SLP.
Final thoughts – SLP investment
SLP is a unique in-game token because it is one of only a few that are listed in Binance’s Innovation Zone.
For assets “that are anticipated to have greater volatility and offer a larger risk than other tokens,” Binance has set aside this trading category.
The precise quantity of Smooth Love Potion (SLP) tokens available on the market is unknown due to the burning of tokens during the breeding of young Axies.
The total quantity of SLP tokens according to Coinmarketcap in Mach 2022 was 5,129,907,048.
However, when more competitions are won and lost as a result of more players participating in the Axie Infinity game, the ecosystem’s supply of SLP tokens will grow.
Security – the SLP token does not have its blockchain and will only run on the Ethereum blockchain.
As a cryptocurrency, SLP did not initially experience any value fluctuations.
But all changed when a liquidity pool was established on Uniswap, and after assistance from Finance Innovation Zone, it’s worth began to rise.
This token’s all-time high (ATH) as of May 1, 2021, is $0.3642. Following that, the SLP downward trend began. This is a special game token, so its cost can increase in the future. The time is ripe to invest if you want to buy this coin.
There is no doubt that among the most widely used applications of blockchain technology soon will be blockchain-based video games.
It should come as no surprise that many cryptocurrency enthusiasts believe Smooth Love Potion is a wise investment,
And, that the price of SLP will soar given that Axie Infinity is already a highly well-liked crypto-related game.