Axie Infinity’s growth into one of the hottest NFT games is a testament to how cryptocurrency is slowly taking over the world. The game lets players earn money in the comfort of their own homes while also doubling as a fun pastime.
The potential for an easy income drove many users to jump on the Axie hype train. The sudden influx of players and the absence of a sure-fire way to burn SLP made its value sharply rise and drastically fall within a matter of months.
The developers were forced to take drastic action in order to preserve the game: reduce the SLP rewards.
What Was Changed?
The amount of SLP given in adventure and the daily quest was halved. SLP was capped to 50 and 25 from the previous 100 and 50, respectively.
However, these changes were balanced by making arena rewards bigger on higher MMR matches.
Here are the reward brackets:
Why Was It Implemented?
Because the supply of SLP is unlimited, it was being minted at a rate where current burning (breeding fee) mechanisms couldn’t keep up. This made SLP lose its value, despite peaking at around $0.40.
If the SLP price kept dropping the way it did before the update, Axie Infinity’s economy would’ve been in grave danger. With the health of the game in mind, the developers decided to cut the total 150 minimum SLP players can earn in a day.
Imagine if the 1,000,000+ active daily players of the game kept earning 150 SLP a day. Its value could’ve easily deflated and thousands of players who are in it for easy money would leave the game in droves.
What Does This Mean for the Game?
There are two main ways these changes impacted the game.
The changes were made in order to move SLP earning from the easier PvE mode to the more competitive PvP environment
- It effectively slowed the minting rate of SLP (for a while)
- Short-term players could leave the game
- Changes to the SLP rewards in adventure and arena made the latter more competitive
- Players with floor Axie teams that focus on adventure were severely affected
- Floor Axies are cheaper because everyone needs better Axies to earn more SLP; competitive axies are more valuable
- Users will now have to focus more on the arena, making stronger teams and scholars in-demand
- The scholarship system is now more competitive, making players with greater experience and understanding of the game more desirable
Considering it was a quick and easy fix, there isn’t much of a long-term effect when it comes to the changes with SLP rewards in PvE. However, this change could lead to more changes in the future.
- The value of SLP could increase or stabilize
- The game’s economy may be healthier
- More burning mechanics may be added in the future
- People that are only playing for a quick buck may slowly leave the game for good
The change to how players earn SLP in adventure and the daily quest was made with the well-being of the game in mind. As much as the developers didn’t want it to affect the players negatively, SLP was simply being minted faster than it could be burned.
All we can do now is hope for the best and wait for new burning mechanics in order to stabilize the value of SLP.
- If you plan on making money, try to cash out your SLP as early as possible to avoid prices from going down even more (here are some articles on how to convert your SLP to Fiat or USD)
- You can convert SLP to AXS because it has a higher growth potential
- Do not hold SLP, especially with its current trajectory
- You can sell SLP directly to breeders for convenience or in order to avoid gas fees
- You can get in touch with breeders and sell your SLP a bit lower than the market price, avoiding gas fees
- This is also a convenient method of cashing out because you can skip all the conversions and selling your SLP in the market
- However, this is pretty risky and I suggest only selling to people you personally know or are trustworthy
- Fortunately, recent developments to the Binance-Ronin exchange lets you deposit directly to your Binance wallet without any fees
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