All You Need To Know About AXS And SLP

Axie Infinity is one of the most rewarding NFT based play-to-earn games on the Ethereum blockchain.

It uses a dual token system to power its platform, with the AXS and SLP tokens.

In my last post, I gave you the modus operandi of the platform, detailing how to make money playing the Axie Infinity game.


However, in this post, I’ll talk about Axie Infinity’s native tokens.

We’ll look at tokenomics, market performance, and whether the coins are suited for long-term hodl.

Post Summary

  1. SLP Token Explained
  2. Explaining The AXS Token
  3. How To Stake AXS Token
  4. Top Crypto Exchanges To Buy/Sell SLP And AXS
  5. Best Wallets To Store SLP And AXS
  6. Are These Tokens Good Investments?
  7. Conclusion

Let’s dive right in!

1. SLP Token Explained

SLP is an Erc-20 token of Axie Infinity.

It was previously known as “Small love portion” but is now “Smooth love portion.”

SLP was solely created to incentivize Axie Infinity gamers.

On Axie Infinity, you can earn SLP tokens freely in any of these four ways:

  • Complete your Daily Quest: You earn 25 tokens in SLP for completing daily quests.
  • Adventures (PvE) Mode: This gaming mode allows you to earn a maximum of 50 SLP tokens per day.
  • Arena (PvP): In this mode, each battle you win earns you 1 SLP. However, your earnings are capped at 20 SLP tokens.
  • Scholarships: You earn a passive income in SLP by leasing 3 Axies to other people to play the game.

Use Cases of SLP

Breeding is when 2 Axies mate to produce a child. Interesting!

To breed an Axie, you need to pay a fee in the SLP token.

Now, each Axie can only breed 7 times, after which they become sterile.

An Axie with a breed count of 0/7 has either not produced any offspring or has only produced one.

But the most important thing to keep in mind is that the higher the breed count of an Axie, the more SLP tokens are needed to breed that Axie.

Take a look at the table below!

SLP breeding fee

Please keep in mind that each price is tied to a single Axie.

For instance, if you want to breed an Axie with a 0/7 breed count together with an Axie with a 1/7 breed count, you will need (600 + 900 = 1500 ) SLP tokens.

Additionally, all SLP tokens used to breed Axies are burned.

SLP tokens are now used as real-world payments in the Philippines, where some people receive payments in SLP.

Interestingly, there was no presale of SLP and it does not have a maximum supply as well.

According to Coinmarketcap, 3.08B SLP are already in circulation.

Let’s check out the AXS token in the next subheading.

2. Explaining The AXS Token

The AXS token is Axie Infinity’s utility and governance token.

It is an ERC-20 token, and it is fully known as the “Axie Infinity Shard.”

AXS can be earned together with SLP when playing the Axie Infinity game.

AXS Tokenomics

The Max. supply of AXS is capped at 270 million tokens.

It does, however, have a 65-month vesting period.

The image below shows how the token is distributed and released.

Use Cases of AXS

  • Governance: Using AXS tokens, the Axie Infinity community can vote on decisions that relate to the Axie Infinity revenue.
  • Staking: In addition to earning AXS through playing games, AXS holders can stake their coins to earn more AXS passively.
  • Breeding: To breed Axies, you’ll need 1 AXS token and some SLP tokens.

All AXS used for breeding, as well as 4.25% of all market sales, and a portion of the staking rewards, go to the community treasury.

Unlike other dual tokens such as Vechain and Theta, where fees are paid in one of the native tokens, VET, and TFUEL, fees in Axie Infinity are paid using the two tokens.

That’s it for this section.

Keep reading to learn how to earn staking rewards on your idle AXS tokens.

3. How To Stake AXS Token

Here you have the steps to stake AXS tokens.

  1. Install the Ronin Wallet and fund it with AXS.
  • You can either buy AXS directly from the wallet or deposit it using the “Ronin bridge”.

Source link

Add a Comment

Your email address will not be published.

Join Our Premium Crypto Telegram Channel And Receive Signals For FREE! We Will Give Signals On Coins To Buy And Make Over $10,000 Profit Under 2 Weeks! You Will Also Gain Access To Premium Airdrops For FREE!