What Is Smooth Love Potion (SLP)?

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Contributor, Benzinga
December 27, 2021

Want to get in on the action? Smooth Love Potion is available to purchase on Gemini Exchange!

People around the world look for alternative ways to make money. Play-to-earn games that allow individuals to earn an income from home have become increasingly popular.   

Play-to-earn games are revolutionizing the video game industry, changing the entirety of the culture. Video games have generally been considered a waste of time, while all profits go to the corporation. Now individuals are able to make an income for their time spent playing while giving back to the community. 

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Overview of Smooth Love Potion

Smooth Love Potion (SLP) is a cryptocurrency earned by playing the game Axie Infinity. SLP ERC-20 tokens are on the Ethereum blockchain. Users earn SLP by winning matches in a player versus player (PvP) or adventure-style arena game. Users are also able to spend SLP to breed their Axies, minting a new Axie with newly generated traits.  

Smooth Love Potion, along with the rest of the Axie Infinity ecosystem, was launched by Sky Mavis as a technology-focused game studio that aims to build player-owned economies. Founder and CEO Trung Nguyen left his role as a software developer in the U.S in order to work on the project full time.  

The community has developed what are called “scholarships,” where investors lend their Axies to an individual in order to earn an income. A lot of these people don’t have access to other sources of income and struggle to make ends meet, making SLP a primary source of income for many individuals. This aspect has made the ecosystem extremely popular and has led to a lot of the growth of SLP.  

Where To Buy Smooth Love Potion

You can buy SLP currently on Gemini or FTX. A centralized exchange like these options is a great way for individuals to start their investing journey. Make sure to do your own research to determine which exchange works best for you. 

The Token’s Market History

The current market cap for SLP is roughly $100 million with about 2.5 million active players. It is important to keep in mind that the price of Smooth Love Potion is completely dependent on the Axie Infinity ecosystem. As more players join the community and start playing the game, the price falls due to the increased minting of the token. Burning mechanisms like breeding help raise the price of SLP, as well as investors buying the token. 

How Is SLP Used in Axie Infinity?

Smooth Love Potion currently has limited use-cases within the Axie Infinity ecosystem. For now, users are able to mint the token by winning matches and return them to the treasury by paying SLP to breed 2 Axies. Sky Mavis also recently launched its decentralized exchange (DEX) Katana, which allows users to exchange SLP for WETH, AXS or USDC. 

An important aspect of SLP is that it is earned on the sidechain Ronin. This sidechain created by Sky Mavis is crucial because if these tokens were earned directly on Ethereum, users would pay huge gas fees to transfer SLP. Although SLP are ERC-20 tokens, they are minted and primarily used on Ronin. 

Smooth Love Potion is not required to play the game Axie Infinity. Individuals start with 0 SLP, earning more as they progress through different stages of the game. The only thing required to start playing would be the Axies themselves. Players need 3 Axies to begin their journey, which are available for sale on the Sky Mavis open market.  

How To Store Crypto Safely

You can choose from two different types of wallets where you can store your digital assets, software wallets and hardware wallets. A software wallet is an application that is on your computer’s hard drive. In other words, your wallet is on your computer. The alternative is a hardware wallet, which is a special type of wallet that stores the user’s private keys in a secure hardware device — keeping your private key information off your computer and on an external device.

Best Hardware Wallet: Trezor

  • securely through Trezor's website
    securely through Trezor's website
    Best For:
    Crypto enthusiasts
    Rating:

Trezor is considered one of the most secure cryptocurrency hardware wallets. It allows users to manage their crypto without exposing sensitive information on their computer. Trezor is also the only hardware wallet currently available that supports the storage of SLP tokens.  

Best Software Wallet: Metamask

  • securely through MetaMask's website
    securely through MetaMask's website
    Best For:
    Ethereum wallet
    Rating:

Metamask is a software wallet that provides mobile and desktop options, making it an excellent wallet for beginners looking to invest in cryptocurrency. The wallet also removes the worry of keeping private keys and seed phrases because of the facial biometric feature. 

Compared to the Competition

Other popular play-to-earn games like Decentraland and Sandbox offer a different aspect of metaverse gaming for players. The style of the metaverse and the experience they offer are different from the Axie Infinity ecosystem. Although their token value may be higher, the number of users is much smaller.

When it comes to competitors, Axie Infinity and SLP stand out because of their growth and market cap. Axie Infinity is the top NFT collection in the world with $3.8 billion in volume, followed by CryptoPunks with $2.32 billion. 

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