What is SLP Coin? How to Earn SLP Token

As one of the pioneering projects in the Play To Earn trend, Axie Infinity – a game based on the Blockchain platform (NFT Gaming) – has attracted thousands of participants worldwide. Following the previous article about the AXS coin (the governance token of Axie Infinity), in today’s article, Finance Solutes will introduce another coin with practical application and equally important role on this platform – the SLP coin (Smooth Love Potion).

So, what is the SLP coin? What do Axie players use SLP for? How can you earn SLP coins? Is it possible to buy and sell SLP coins? Let’s find out together!

1. OVERVIEW OF THE GAME AXIE INFINITY

To fully understand and properly assess the role of the SLP coin (Smooth Love Potion), we must first grasp the concept and rules of Axie Infinity.

Simply put, Axie Infinity is a game where you collect rewards, raise pets (called Axies), and use them to battle against other players’ Axies. To play the game, each player is required to have three Axies. Since the game operates on the blockchain, each Axie is a non-fungible token (NFT), meaning it is unique, interchangeable, and irreplaceable.

The game needs a self-sustaining economic system. And for any economy to function, it must be supported by a currency. In the case of Axie Infinity, its economy is backed by two types of currencies: Smooth Love Potion (SLP) and Axie Infinity Shards (AXS).

2. WHAT IS SLP COIN?

As one of the two main tokens in Axie Infinity, Smooth Love Potion (SLP) is the currency that players earn while participating in the game. The amount of SLP coins a player earns depends on their performance.

Note that Axie Infinity does not sell SLP to players. Instead, these SLP coins are generated through gameplay. This setup forces players to engage with the game in order to earn SLP.

However, earning SLP can be challenging for some players. As a result, a secondary market has been created, where you can buy additional SLP coins from other players. This means you can obtain these tokens from various cryptocurrency exchanges, such as Binance and Uniswap.

2.1. Basic Information about SLP Coin

• Token name: Smooth Love Potion

• Ticker: SLP

• Blockchain: Ethereum

• Token Standard: ERC-20

• Token type: Utility token

• Contract Address: 0xCC8Fa225D80b9c7D42F96e9570156c65D6cAAa25

• Circulating Supply: 5,375,374,133 SLP

• Total Supply: Unlimited

2.2. Use Cases of SLP Coin

So, what is SLP coin used for?

Breeding Axies

The adorable battle pets you own all have value. Aside from using them in battles, you can sell them to other players. And if you want to earn more money by selling Axies, you’ll need to learn how to breed them. That’s right – Axies can reproduce. However, breeding them requires SLP coins, so make sure you have enough SLP in your wallet.

Selling on Exchanges

SLP is an Ethereum-based cryptocurrency with real-world monetary value. This means you can make money by selling SLP coins on cryptocurrency exchanges. All you need to do is choose the right time to sell, and ensure that the exchange you’re using is reliable and offers reasonable trading fees.

Purchasing Real-World Items

Since the value of SLP coin is tied to real money, you can use it to purchase goods and services in real life. From sneaker stores to restaurants, many establishments in the Philippines have accepted SLP as a form of payment. However, this depends on whether businesses in your area recognize and support this payment method.

3. HOW IS SLP COIN DIFFERENT FROM AXS?

You might be wondering if there’s a real difference between SLP and AXS coins. You already know that SLP is an in-game token that you can earn by winning battles and completing specific tasks set by the game. Meanwhile, AXS acts as the governance token of the game.

In essence, this cryptocurrency gives its holders the right to vote on proposals and projects that shape the Axie Infinity universe and its future. Additionally, players can stake AXS (lock the token for a certain period to earn more AXS) or use it as a payment method in the Axie Marketplace.

4. HOW TO EARN SLP COINS

You can earn SLP by participating in the game’s activities. But what exactly are these activities? Below are the tasks players need to complete in order to receive these tokens:

Participating in Battles in Adventure Mode

In fact, you can use your Axies to play in two game modes. In Adventure Mode, you will battle monsters (controlled by the system) across different levels. Winning battles not only rewards you with SLP coins but also experience points. Keep in mind that the game’s difficulty increases each time you reach a new level.

Battling Other Players in Arena Mode

Arena Mode is where you control your Axies to battle other players and their Axies. You earn both SLP tokens and experience points every time you win a match. Unlike in Adventure Mode, you are not required to fight bosses in this game setting.

Completing Daily Quests

Completing daily quests helps you earn a few SLP coins. These activities include checking in daily and completing specific battles in both Adventure and Arena modes.

IMPORTANT NOTE: Currently, the Axie Infinity economy has an oversupply of SLP coins, which clearly leads to inflation. To limit the surplus and keep the economy under control, the game will eventually remove rewards from Daily Quests and Adventure Mode. Moreover, Axie Infinity will also restructure Arena Mode to increase the demand for higher-quality Axie teams, requiring players to invest more SLP to build competitive lineups.

5. HOW TO BUY AND SELL SLP COINS?

Below, Finance Solutes will guide you through how to buy and sell SLP coins.

5.1. How to buy SLP Coins

To attract more players and investors, Smooth Love Potion (SLP) can be traded on several major cryptocurrency exchanges such as Binance, KuCoin, Gemini, FTX, and Gate.io.

Here are the basic steps you need to follow if you want to buy SLP coins. Please note that the exact process may vary depending on the exchange:

• Create an account on the cryptocurrency exchange of your choice. Make sure the platform you’ve chosen supports SLP coins. Skip this step if you already have an account.

• Add funds to your account using a payment method such as a credit or debit card.

• Access the SLP trading platform and execute your purchase. Once the transaction is completed, your SLP coins will be stored in your portfolio.

• If you want an extra layer of security, consider creating a separate crypto wallet to store your SLP coins.

5.2. How to sell SLP Coins

Conversely, you can sell the SLP coins you own to make a profit. There are several options to sell your SLP. Below are two of the most common methods:

Transfer SLP directly from Ronin to an exchange

You can transfer your SLP coins from your Ronin wallet to a cryptocurrency exchange that supports SLP. This is probably the most practical option since the Ronin network does not charge transaction fees for users.

Transfer SLP from Ronin to MetaMask

Since SLP is an Ethereum-based token, you can also sell it on a decentralized exchange. But before doing so, you’ll need to transfer your SLP to a MetaMask wallet. Here’s how:

• Create a MetaMask account. Skip this step if you already have one.

• Use Ronin Bridge to connect your SLP coins from your Ronin wallet to your MetaMask wallet. This will sync your funds and allow you to withdraw SLP to MetaMask.

• Once your SLP coins are in MetaMask, you can trade them on the Ethereum blockchain using a decentralized exchange (DEX) or an Automated Market Maker (AMM) that supports Ethereum.

IMPORTANT NOTE: Your SLP coins will be lost if you send them directly from your Ronin wallet to an Ethereum address. Therefore, connecting your SLP to MetaMask is mandatory.

6. SUMMARY

The above article provides an overview of Axie Infinity, how the SLP token is used, and how to earn, buy, and sell SLP. If you’re seriously considering investing in the Axie project, make sure to do thorough research and have a proper capital and risk management plan. Good luck!