What is the issuance and circulation of SLP coins?

Smooth Love Potion (SLP) coins, first issued in July 2021 as the native token of Axie Infinity, have a capped supply of 1 billion, with approximately 600 million in circulation.

Oct 30, 2024 at 07:32 pm

Issuance and Circulation of Smooth Love Potion (SLP) Coins

1. Issuance Background and Purpose

Smooth Love Potion (SLP) is the native ERC-20 token of the popular play-to-earn game Axie Infinity. It was first issued in July 2021 with the following primary purposes:

Rewarding players for in-game activities, such as breeding and battling Axies (game characters).
Facilitating in-game transactions, such as purchasing Axies and items.
Enabling players to participate in governance decisions through SLP staking.

2. Token Supply and Circulation

The total supply of SLP coins is capped at 1 billion. As of March 2023, approximately 600 million SLP coins have been issued and are in circulation.

3. SLP Issuance Mechanism

SLP is primarily issued through in-game rewards. Players earn SLP by:

Winning battles against other players.
Completing daily quests.
Breeding Axies.

The issuance rate of SLP is adjusted dynamically based on the supply and demand in the game economy.

4. SLP Distribution

SLP is distributed as follows:

60% to players: Rewarded for in-game activities.
20% to treasury: Controlled by the Axie Infinity team and used for ecosystem development.
20% to stakers: Distributed to players who stake their SLP tokens for governance rights.

5. Use Cases

SLP coins have multiple use cases within the Axie Infinity ecosystem:

In-Game Rewards: SLP is the primary reward currency for players, encouraging them to engage in various game activities.
In-Game Transactions: SLP is used to purchase Axies, items, and services within the game.
Governance: SLP holders can stake their tokens to participate in governance decisions related to the game's development.
Staking Rewards: Staking SLP earns rewards in the form of additional SLP tokens and rare in-game items.

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