Smooth Love Potion (SLP) is one of the in-game currencies associated with Axie Infinity, the popular play-to-earn blockchain-based online game developed by Vietnam-based studio Sky Mavis.
Smooth Love Potion serves as an in-game currency earned by players. Rewards are tied to completing player vs. environment (PvE) and player vs. player (PvP) objectives in the game. The SLP token lets players breed Axies, which are in-game characters that can be used in battles or sold. Alternatively, the tokens can be sold on secondary markets. Additionally, SLP can be a form of payment at certain stores, restaurants and other establishments in the Philippines, where Axie Infinity is a tremendously popular game.
SLP Price
Smooth Love Potion (SLP) hit its all-time high price of $0.399727 in July 2021. Its all-time low price was $0.00312759 in June 2020. The token doesn’t have a supply cap.
The Axie Infinity team cut the SLP token issuance rate by 56% to increase its rarity and deflation. Its previous issuance rate resulted in SLP’s price decline because the token’s supply vastly outweighed demand. The game now issues 45 million SLP per day.
Smooth Love Potion, which was initially known as Small Love Potion, has been part of Axie Infinity since its launch in 2018. It has seen numerous price peaks, although none of them were sustained for long. An initial peak of $0.193 occurred in July 2020, followed by a retrace to $0.013 less than two weeks later.
SLP saw a second peak to $0.36 in early May 2021, but the price dipped to $0.08 late that month. A subsequent push culminated in the all-time high in July 2021, but the SLP price has trended down ever since then, resulting in a decrease of over 95% as of May 2022.
The wild price swings seem to be influenced primarily by Axie Infinity headlines or the team introducing core changes to the games. There is ample sideways trading, indicating SLP doesn’t appear subject to pump-and-dump activities.
How Does Smooth Love Potion Work?
Smooth Love Potion is the utility token of the Axie Infinity game and has no governance rights. It is primarily used in the game to breed Axies, although it can be sold and traded across various exchanges. It isn’t subject to any consensus mechanism because its issuance is tied to in-game PvP activities.
There is a burning mechanism for SLP tokens. Every time an Axie is bred, the corresponding SLP will be burned and removed from circulation. This can reduce the supply depending on token demand and overall player activity.
Key Events & Management
Axie Infinity, the game where Smooth Love Potion is generated, was founded in 2018 by Catherine Sison Parino, Trung Nguyen and Aleksander Leonard Larsen. The project has completed five funding rounds as of May 2022. That included a seed funding round of $1.5 million in November 2019 and a Series A funding round of $7.5 million in May 2021.
There have been no hard or soft forks (irreversible code changes) affecting SLP.
Nguyen and Larsen were still associated with Axie Infinity as of May 2022, and it appears Siso Parino has left the project, although it is unclear when that has happened.
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