Small Love Potion (SLP) price doubles as Axie Infinity’s user growth skyrockets

189
SHARES
1.5k
VIEWS
ADVERTISEMENT


Last week, Axie Infinity’s AXS token saw an impressive parabolic run, hitting a new all-time high of $ 19.60.

Small Love Potion (SLP), a token in the Axie Infinity (AXS) ecosystem shaped by gameplay as a reward for users, also broke into a triple-digit profit. SLP can then be used as currency to breed Axies, which are non-fungible token-based creatures that populate the Axie Infinity world.

Related articles

SLP / USDT 4 hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows the price of SLP rose 102% from $ 0.127 on July 1 to a weekly high of $ 0.257 as new users flock to the digital battle pet game to earn and Axie’s sales to increase Infinity Ecosystem to new highs.

New users increase the demand for Axie breeding

SLP’s success depends in large part on the overall growth and adoption of Axie Infinity, which has seen a significant increase in new users since the protocol was migrated to the Ronin sidechain on the Ethereum network in early May.

A recent report from Delphi Digital highlighted that interest in the Axie ecosystem has grown at an “exponential rate” since the introduction of Ronin, with the greatest growth in the Philippines, Venezuela, Cuba, Qatar and the United Arab Emirates ( UAE) starts just before the end of April.

Daily Google interest and geographic breakdown for Axie Infinity. Source: Delphi Digital

The increased interest has resulted in an influx of new users over the past two months as evidenced by the growth in daily active users, unique Axie owners, and the number of Discord members.

Axie Infinity community growth statistics. Source: Delphi Digital

As new users enter the ecosystem, more Axies will be needed to get involved in the gameplay, which has resulted in increased demand for SLP as it involves breeding Axies.

Gameplay provides users with a daily income

One reason for the increased use for certain geographic reasons is in large part related to the economic struggles of the population in these regions.

Because users can earn SLP through gameplay or farming SLP on a daily basis, some attendees have made more money with Axie Infinity than college graduates have earned through work.

The breeding process can also be very lucrative for users fortunate enough to receive a “Mystic Axie,” a rare form of Axie that now has a floor price of 30 ethers, while Genesis lots in the Axie universe close to 270 ethers can achieve.

connected: The Argentine legislature introduces an invoice for the payment of employees in crypto

As the ecosystem has grown since early May, Axie’s daily sales volume recently exceeded $ 25 million, with more than 50,000 NFTs sold per day.

Axie Infinity USD Volume vs. Sales. Source: Twitter

To put the importance of the growth in revenue from the Axie Infinity ecosystem in context, the protocol has generated more fees over the past week than all of the other crypto applications combined.

Seven Day Log Income. Source: Twitter

Axie Infinity’s recent growth has been impressive, but it remains to be seen whether the current pace can be sustained and whether SLP’s long-term success depends on sustained expansion of the Axie ecosystem.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.