- A pro-Axie Infinity (AXS) investor comments on an interesting metric of a popular metaverse coin in the AXS ecosystem. change he noticed. According to the investor, the burn rate of the Smooth Love Potion (SLP) exceeded the print rate for the first time since August 2021. So what does this mean?
One of the two core cryptocurrencies of the Axie Infinity on-chain gaming ecosystem. Smooth Love Potion (SLP) forms the basis of the platform’s tokenomics. For this reason, GameFi enthusiasts are closely watching the metrics of this metaverse coin.
Axie Infinity’s SLP burn/print ratio turned negative
Axie Infinity (AXS) investor @maxbrand99 took to Twitter to show the unusual pattern happening in the game’s tokenomics. According to his observations, the Axie Infinity team has more than pressed in recent days. Smooth Love Potion (SLP) destroyed it.
Coin burnIt is a method used to keep the market value of crypto assets high and try to stabilize inflation. In theory, when most of a coin’s supply is removed, there is an increase in demand for that coin and the price skyrockets as a result. For this reason, it is thought that the burning rate exceeds the printing rate in SLP, which is a positive development.
For the first time since 8/4/21 @AxieInfinity has burned more SLP than was minted. I also added numbers for the amount of SLP Burned since the event started and the average SLP cost / Axie bred#LunacianSummer pic.twitter.com/BP1KP2G3jA
— Maxbrand99.eth (@maxbrand99) July 15, 2022
This situation emerged on July 14, 2022. The AXS supporter trader stated in his tweet that the same situation occurred before, almost a year ago, in August 2021. The SLP token burn rate, which was previously lower than the mint rate, had started to increase since June 26, 2022.
However, the increase in the burn rate over the past 10 days has coincided with the decrease in the SLP token issuance rate. In addition to these metrics, there are also interesting developments in Axie Infinity. Special “breeding” campaign launched on 14 July Lunacian SummeAxie Infinity, which started r, is trying to keep users interested in the ecosystem. While this campaign continues, Axie Infinity fans can get special “skins” for their Axie.
SLP is trading below 99% ATH
Previously, such campaigns like the aforementioned Lunacian Summer were launched in the third quarter of 2018 and 2019; enthusiasts were able to create unique “Summer Axes” and use them in game mechanics.
Following the release of Lunacian Summer, SLP token The price rose more than 17.6 percent from $0.0034 to over $0.004. However, the SLP token, which remains one of the worst performers among the GameFi heavyweights, is still trading 99 percent below its all-time high recorded in May 2021.
SLP token, which has experienced a slight correction from the price it reached after the announcement, is trading at $ 0.00395673 at the time of writing, with an increase of more than 1 percent in the last 24 hours.
Earlier, Bloomberg Crypto published a lengthy post covering the rise and fall of Axie Infinity’s tokenomics, and one of the Axie Infinity enthusiasts claimed that most of their full-time players should consider working at McDonald’s and they can make more money than they earn by playing this overblown game at McDonald’s. .
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.