Metaverse Token SLP Up 300% in a Week Amid Big Changes to Axie Infinity

Just before the dawn of the release of Season 20 for the world’s most popular play-to-earn blockchain game, Axie Infinity, the in-game reward token Smooth Love Potion (SLP) shot sky-high. Before a slight pullback, the SLP token went 3X in just days.

The SLP rally follows the announcement of a deflationary update to the game’s economy, removing user rewards for completing certain in-game missions, including Adventure Mode SLP and Daily Quest SLP, which “will be sunset (reduced to 0)”.

How Axie Rewards Work
Once players have collected a team of Axies, they can collect SLP tokens by completing battles. Those tokens can be redeemed for new in-game features, including breeding new Axies.

Among the changes coming in the new Season 20 update will be a 56 percent reduction in the daily supply of SLP tokens. Players will no longer be able to earn SLP from daily questing or playing in adventure mode, thus increasing the tokens’ scarcity.

SLP Listed on Binance
Earlier this week, Binance added SLP/BNB as a trading pair, allowing traders to directly exchange BNB for SLP on the exchange. Whenever tokens get a listing on a major exchange such as Binance, it often results in a price pump as it makes the token more accessible for new investors.

While Axie Infinity’s SLP has enjoyed notable price pumps over the past few months, is still 9x away from previous highs. The SLP token was trading at US$0.39 only seven months ago. The game continues to adopt more players and attract recognition from investors. In November, Crypto News Australia reported that an Axie Infinity land plot NFT had sold for a record-breaking US$2.48 million.