What is the difference between AXS and SLP tokens?
Axie Infinity is an NFT-based game based on the blockchain that enables players to earn money. It is now the most popular dApp, and it has the distinction of having the most costly NFT collection.
There has been a lot of press coverage about Axie Infinity lately. Most notable was the coverage of a sale of digital land for the astonishing price of $1.5 million. (And you thought it was expensive to buy land in the physical world!) It’s probably no surprise that this digital plot of land is among the top ten most costly NFTs ever acquired.
With such extensive media hype, along with growing public awareness of NFTs in general, more and more people are trying out this unique virtual game. As with other NFT games, players use cryptocurrency for various tasks within the game.
Two kinds of currency are used within the Axis Infinity ecosystem: Axie Infinity Shards (AXS) and Smooth Love Potion (SLP). Since both of these currencies are used within the game, there is a lot of confusion as to the differences between them.
The goal of this post is to dispel common misunderstandings about the two cryptocurrencies. We’ll discuss the distinct ways they are used and how you can obtain them.
Let’s get started!
What is AXS cryptocurrency?
Axie Infinity Shards (AXS) is the crypto token used in the game Axie Infinity. There is a total supply of 270,000,000 of this ERC 20 governance token.
The coin serves three primary functions: governance (in-game voting rights and rewards), staking (locks up AXS while rewarding additional AXS), and payment (breeding fees and participation within the economy).
Users get income from the Axie Infinity community treasury. Money is generated by collecting 4% of each transaction on the Axie Infinity marketplace. Holders of this coin will eventually be granted voting privileges inside the game.
Users have the option to stake their AXS, which allows them to receive freshly-produced AXS, similar to the way one receives interest on money deposited in a savings account. In order to claim these rewards, stakers have to participate by voting and playing the game.
Currently, the major use case of AXS is for in-game payments (breeding fees). It is also possible to get AXS by playing the game. AXS may be obtained by ranking among the top 200 players in a month-long season. These top players can gain as much as 400 AXS.
The remaining use cases are not presently developed, but AXS will be necessary for participation in the Axie Infinity economy in the future.
What is SLP cryptocurrency?
Smooth Love Potion (SLP) is an ETH-based cryptocurrency that players of Axie Infinity get as a reward for playing the game. Basically, it’s the in-game currency of Axie Infinity. The coin is obtained via quests or arena combat.
The quantity of SLP received by playing the game is adjusted based on the player’s skill level, so stronger players earn more SLP. In Arena Mode, players may earn up to (approximately) 12 SLP or as little as 1 SLP for every victory. In Adventure Mode, players may earn a maximum of approximately 20 SLP every victory or as little as 1 SLP per win.
SLP is mainly used for the breeding of Axies. Breeding requires players to spend an amount of SLP, while playing the game allows them to earn more SLP.
While the majority of players use SLP to breed Axies, it may also be sold on exchanges.
SLP is presently in full circulation, which means that 100 percent of the supply is in use. The coin is allocated evenly across Sky Mavis’ (the inventors of Axie Infinity) blockchain and the Ethereum blockchains.
What’s the distinction between AXS and SLP?
Smooth Love Potion (SLP) is a cryptocurrency that players obtain when they play Axie Infinity. It can be used in-game or traded on exchanges. Axie Infinity Shards (AXS) is the game’s ERC 20 governance cryptocurrency that is used for staking and payment.
The cryptocurrencies are also distinct in terms of their circulation and monetary value. SLP tokens are always fully circulating, but only 25% of AXS are currently in circulation. The tokenomics underlying each are very different, as are the application cases.
The two cryptocurrencies are quite different in their current value. At the time of writing, AXS was valued at 36.94 USD, while SLP was valued at 0.0135 USD.
What is the cost of Axie breeding?
Breeding Axies results in the creation of a new NFT, which is one of the most lucrative acts in the game. Axies are presently being offered on NFT platforms for thousands of dollars.
Breeding requires two Axies. Both Axies must have a breed count of less than seven. The number of SLP required to breed Axies varies depending on how many times they have been bred already, with the lowest cost reserved for Axies that have never been bred.
In addition, one AXS is needed to breed Axies. There are no additional transaction costs.
If you breed an Axie, you may sell it on the Axie Infinity marketplace or a separate NFT store like OpenSea.
Although some players opt to sell SLP on an exchange due to the cost of breeding, breeding is arguably the most lucrative activity a player can do.
Where can you purchase AXS?
AXS may be acquired through a wide range of cryptocurrency exchanges, including:
- Huobi Global
Unfortunately, Coinbase does not presently support this cryptocurrency, although this is expected to change in the future.
Where can you purchase SLP cryptocurrency?
SLP can be bought and traded on a pretty wide range of cryptocurrency exchanges. Binance, Uniswap, and crypto.com are among the most well-known. Like AXS, prominent cryptocurrency exchanges such as Coinbase do not support this coin.
As Axie Infinity continues to develop, the developers are expected to add more ways to use AXN and SLP. We’re excited to see what’s in store for this popular game!
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