Metaverse Token From Axie Infinity (AXS) Ecosystem Suddenly Erupts 150% in Less Than a Week


One play-to-earn (P2E) altcoin is seeing major gains after news spread that its future supply would be cut drastically.

In a new blog post, hit blockchain-based game Axie Infinity (AXS) announced a major rule change for its 20th season where players will no longer earn Smooth Love Potion (SLP) for completing “daily quests” in an effort to stabilize the token’s value.

Track live crypto price of 10000+ coins!


“As a first measure to stabilize the economy, we have removed all SLP rewards from adventure mode [which] was originally conceived as a way for the community to learn how to use their Axies. It has outlived its purpose.”

‘Axies’ are non-fungible tokens (NFTs) that also serve as creatures within the game that users can battle and breed.

The gaming company says that the rule change will reduce new SLP issuance by approximately 45 million tokens each day.

A previous blog post stressed how critical the move is toward ensuring the survival of the game itself.

“Inflation of SLP has been very high, with around 4x more SLP being created (supplied) per day than burned (demanded) through breeding [Axies].

We know that this is painful medicine. The Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse. That would be far more painful.”

The price of Smooth Love Potion has been ripping higher and higher all week. Last Wednesday SLP was trading for under a penny but began to surge upward in successive waves starting on Monday.

Related:  Luna Foundation Guard Declares Remaining Reserves and Suggests Compensation Plan For UST Holders

Today the altcoin is up another 39%, and remains up 176% in the last seven days, priced at $0.026

Axie Infinity’s native token AXS is also in a winning mood, having risen nearly 30% over the same time period and currently up 4.81% to $66.69 at time of writing.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Natalia Siiatovskaia/KDdesignphoto




Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link