Popular gaming coins AXS, RON, and SLP are on the rise after developers of Axie Infinity renewed the project’s tokens. The developers of Axie Infinity have announced changes to the platform’s play-to-win game economy that have triggered a strong rally in RON, SLP and AXS. Detail cryptocoin.com‘in.
Why did gaming coins skyrocket?
Axie Infinity’s in-game token SLP is down nearly 93% from its all-time high of $0.39 on July 13, 2021, as it faces uncontrollable inflation. For this reason, the team announced that they will significantly remove the SLP regulation from the game, making farming difficult. According to the data, the emission of SLP is four times more than the amount of tokens burned, causing its price to drop below a cent over the past seven days. However, the Axie Infinity team is tackling the economic instability with in-game changes that will be released at the start of Season 20 on February 10.
Axie Infinity’s AXS governance token and blockchain token RON have seen a spike in price since announcing their economic rebalancing plans. Since the season went live, SLP has increased by nearly 24% in the last 24 hours. Starting February 9, Axie Infinity will no longer send SLPs to users playing in adventure mode and will no longer reward users who complete the daily quest. By removing these token emission methods, the team reduces the number of SLPs minted daily by roughly 175 million SLPs. These two editing mechanisms account for about 84% of the SLP generated in the game, according to the economic development of Axie Infinity, with about 14% being minted by players who complete their daily quests.
Axie Infinity aims to refocus players’ attention on the competitive nature of the game by removing significant portions of the daily SLP rewards it will allocate to players. By increasing the allocation of AXS rewards to players, the team aims to reward approximately 117,676 AXS worth over $7 million at the current AXS price. In doing so, Axie Infinity distributes a substantial amount of governance tokens that benefit players for staking, breeding, and farming RON. On January 14th, the team issued a call to action for the community to propose ways to help stabilize the economy and future changes. While these economic changes are crucial in reducing SLP inflation, only time will tell how existing players will respond to these changes.
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