In addition to the transactional freedom, security and ease with which you can make payments online, one of the things we appreciate most about cryptocurrencies is simply how dynamic and flexible they can be.
As the crypto sector has developed over the course of the last decade, but particularly from the emergence of Ethereum in 2015 onwards, we have seen a massive increase in the number of tokens on the cryptocurrency list. This has included everything from privacy-focused coins such as Monero which offer users unparalleled levels of privacy, to meme coins like Dogecoin or Shiba Inu which apparently exist only to generate laughs!
Out of the many different weird and wonderful cryptocurrencies to have emerged in recent years, however, one of the most interesting is a token known as Smooth Love Potion (SLP).
In the space of a few short years, the SLP price has skyrocketed. It has gone from being a relatively obscure, if not niche digital currency, to being one of the most frequently traded cryptos.
But what exactly is Smooth Love Potion crypto coins, how does it work and what do we need to know about it?
About Smooth Love Potion
Smooth Love Potion is a so-called ‘utility token’ that was developed for use within the in-game ecosystem of Axie Infinity.
Axie Infinity is a virtual universe inspired by games such as Pokémon. However, unlike Pokémon, Axie Infinity was built on top of the Ethereum system and has cryptocurrency technology built into the very core of the game.
Players in this world can earn tokens through skilled gameplay and by making contributions to the Axie Infinity ecosystem. The game revolves around players building land-based kingdoms, which are used to house their pets, which are known as Axies.
Players can enter the game by purchasing Axies from other players on the Axie Infinity Marketplace. In-game assets and other Axie-related data can be accessed by third parties, which has helped to create an incredible development community within the game world.
How Does Smooth Love Potion Work?
Axie Infinity players earn SLP tokens by playing the game, with the tokens acting as a kind of experience point. SLP tokens are ERC-20 tokens, which are used to breed digital pets. The cost of breeding gradually increases the more times you breed them, which helps to prevent hyperinflation in the Axie Infinity marketplace.
Who Created Smooth Love Potion?
Axie Infinity was created by Trung Nguyen, who was a US-based software developer before leaving the US to focus on the Axie Infinity project on a full-time basis.
Nguyen used the game as a way of exploring the potential of blockchain technology in the gaming sector. Nguyen was motivated by a feeling that in-game assets often had little value outside of the gaming environments where they were created. By being based on the Ethereum blockchain, players are given the opportunity to turn their in-game efforts into rewards that can be used in the real-world.
What Makes Axie Infinity So Unique?
As we have seen, Axie Infinity uses cryptocurrency technology in a new and exciting way that we haven’t seen before. It uses blockchain technology to empower players, while also rewarding them for their in-game efforts.
This is truly unique within the gaming industry, with game developers tending to want their game worlds to remain a closed-loop system. Axie Infinity is one of the few blockchain-based play-to-earn games, which look to revolutionize and democratize in-game economies!
In recognition of this innovative approach, SLP has been placed by the crypto exchange Binance in its innovation zone. As was the case with the price of Luna, this has helped to increase its real-world value.
5 Things About SLP You Need To Know
With all this information in mind, however, what are the five most important things you need to know about Smooth Love Potion?
• SLP has hit a total market cap of upwards of $100m and has seen daily trading volumes reach $15m and more
• Players can earn SLP by competing in arena mode and battling other players
• SLP has built-in deflationary technologies, which stop the currency from inflating and ruining the in-game economy
• Smooth Love Potion is based on the Ethereum blockchain
• The CEO of Axie Infinity was originally a developer in the US and left his job to focus on developing this game full time. These efforts have paid off, and now thousands of players across the world regularly play his game.