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Highlights
- According to CoinMarketCap, the one-day volume of SLP crypto was up by 500 per cent at 4:30 AM EST.
- Smooth Love Potion (SLP) crypto is rallying ever since the announcement that Axie Infinity is launching its decentralized exchange.
- Notably, Axie Infinity is a blockchain game and it is based on the play-to-earn model. Users get rewarded with SLP crypto.
The Ethereum blockchain-based online game Axie Infinity has launched a decentralized exchange (DEX) named Katana on the Ronin blockchain, and that has led to a price surge of one of its tokens.
Smooth Love Potion (SLP) crypto is rallying ever since the announcement and soared as much as 100 per cent. At the time of writing, SLP crypto was up by 22.5 per cent in the last 24 hours and was trading at US$ 0.102338 per token.
Why is SLP crypto soaring?
The DEX has been launched to enable the users to trade assets and remain within the 'Axieverse'. As Ronin is a sidechain of Ethereum, Katana will allow users to swap between several assets like SLP, WETH, AXS and USDC.
Trading between different assets will allow users to deposit these assets and earn yields through liquidity pools.
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Notably, Axie Infinity is a blockchain game and it is based on the play-to-earn model. Players can earn tokens by playing the game and engaging in activities like virtual battles and building the kingdoms for their virtual pets known as Axies.
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To reward the users, the blockchain game users two tokens- SLP and AXS. The Smooth Love Potion crypto can be earned through adventure or battle mode and it can be used to breed Axies.
Meanwhile, the AXS tokens serve as the governance token for the Axie Infinity game and are used to vote for the direction of the game's ecosystem.
According to CoinMarketCap, the one-day volume of SLP crypto was up by 500 per cent at 4:30 AM EST and its total supply is a little over 2.5 billion SLP tokens.
Bottom line
SLP crypto is gaining investors' attention as blockchain games are becoming increasingly popular. In the last 12 months, SLP crypto's price soared 273 per cent and it has remained in a bullish zone.
Due to the latest development, the price of the cryptocurrency could soar in future, however, by the end of 2021, it is unlikely that the SLP crypto will surpass its all-time high of US$ 0.399727 per token.
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