What is Smooth Love Potion? SLP Crypto Explained (2024)

Published on: August 4, 2022August 4, 2022 Author: Karen Crystal Lasta

In 2021, the blockchain game Axie Infinity became a household name in parts of Southeast Asia as players cashed out their game earnings. They converted their token rewards, called Smooth Love Potion or SLP, into real-world money. Some players swore by how much their SLP rewards helped them put food on the table. One Axie gamer was even able to buy two houses with his SLP earnings.

In the succeeding months, however, the value of the SLP went down along with other cryptocurrencies. In this article, we’ll discover what the SLP is, its uses, and some factors affecting its worth.

What is Smooth Love Potion (SLP)?

Smooth Love Potion (SLP) is the in-game currency of the blockchain game Axie Infinity. You can earn SLP tokens in the game and use them for breeding digital pets named Axies. Since SLPs are ERC-20 tokens, you can trade them with other cryptocurrencies on crypto exchanges such as Binance.

What is the value of Smooth Love Potion?

The SLP’s value depends on its supply and demand. On July 13, 2021, SLP reached an all-time high of US $0.399727. It has gone down since, and more than a year later, on July 24, 2022, it closed at $0.004314.

SLPs have an unlimited supply. As more players join Axie Infinity, more SLPs are released as rewards. As of July 2022, the total circulating supply of Smooth Love Potion tokens has reached 42.94 billion.

To prevent an oversupply of tokens, SLPs follow a burning mechanism. SLPs get “burned” or are gone for good when you use them for breeding Axies. This process permanently removes SLPs from circulation, lowering the total supply and helping increase the demand and the price of these tokens.

Price of SLP in USD through time. Data from CoinGecko

What is Axie Infinity?

Axie Infinity is a play-to-earn game with cute creatures called Axies as its main characters. As a player, you collect and battle Axies to gain Smooth Love Potion as your reward. You can then use your SLP tokens for breeding Axies.

How do you earn Smooth Love Potion on Axie Infinity?

Before Season 20 of Axie Infinity, you could earn SLP in three ways, i.e., by completing daily quests, competing in the Arena, and battling in the Adventure mode. Now, you can only farm SLPs from the Arena mode.

Earn SLP from the Arena Mode

The Arena is essentially a player-versus-player or PvP mode in Axie Infinity. The SLP rewards you get from playing in the Arena depend on your matchmaking rating or MMR. In this new rewards table, players who have weaker Axies (below 800 MMR) have a chance to earn 1 SLP if they win a match. Before Season 20, this was zero.

Source: Axie Infinity

Arena: the Player-versus-Player (PvP) mode in Axie Infinity, where you can earn SLP if you win

Adventure Mode SLP rewards have been reduced to zero

Previously, completing missions in the Adventure or the player-versus-environment (PvE) mode in Axie Infinity gives you up to 50 SLP per day. Now, this SLP reward is reduced to zero. According to the Axie Infinity team, this update is for economic balancing. That means they want to reduce the SLP supply to rebalance it with the demand for SLPs.

Daily Quest SLP rewards are now zero

Similarly, the Daily Quest SLP rewards were reduced to zero. Before Season 20 of the game, completing daily quests gives you 25 SLP per day. Now, the SLP rewards are reserved for more skilled gamers.

How to claim SLP

To claim your available SLPs, you need to have an Axie Infinity account and a Ronin wallet connected to your account. You can claim SLPs every 14 days.

Step 1: Go to axiefinity.com, navigate to Marketplace, and log in to your Axie Infinity account.

Step 2: Proceed to the “Claim Tokens” tab. You can see the claimable SLPs and the Claim SLP button. Click on this button.

Step 3: Click on the “Claim SLP now” button on the pop-up that appears.

Step 4: Wait till your Ronin wallet Chrome extension pop-up appears.

Step 5: Confirm the transaction by clicking on the “Confirm” button.

Step 6: Check to see if your SLP tokens have been reflected in your Ronin wallet.

How to buy SLP

SLP is available for buying and selling in many crypto exchanges, including Binance.

Step 1: Go to binance.com.

Step 2: Log in or register for an account if you don’t have one yet.

Step 3: Head over to the Binance dashboard and hover on the “Buy Crypto” button. You can see the available payment options.

Step 4: Click on the “$USD” button to see all the other fiat currencies you can use to buy SLP directly.

Step 5: Suppose you chose to buy with $USD and with a Credit/Debit Card. Click on the “Credit/Debit Card” option. It will lead you to this interface.

Step 6: Click on the “$BTC >” button inside the “Receive” section.

A pop-up will display the available cryptocurrencies you can buy.

Step 7: Search “SLP” on the search bar. The SLP result should appear. Click on it.

Step 8: Binance will show the minimum amount of USD you need to spend to purchase SLP. Suppose you want to spend only as less as possible. Type “15” in the “Spend” section.

Step 9: Click on the “Continue” button.

Step 10: Choose the card you prefer to pay with. You may change your preferred card, too. Click on “Continue” once you’ve chosen a card.

Step 11: Proceed with the card verification to confirm your purchase of SLP.

To sum it up

Smooth Love Potion remains to be an essential part of Axie Infinity as an in-game reward token. Its value may change over time, depending on how well this creature battler game evolves and whether players will remain enthusiastic about it.

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