Small Love Potion (SLP) price jumped more than 100% as Axie Infinity users exploded

Last week, Axie Infinity’s AXS token ran an impressive parabolic line, hitting a new all-time high of $ 19.6.

Small Love Potion (SLP), a token in the Axie Infinity (AXS) ecosystem created by the game as a reward for users, also broke out with a three-digit profit. The SLP can then be used as currency to create Axies, token-based creatures that are irreplaceable in the world of Axie Infinity.

SLP / USDT 4 hour chart. Source: TradingView

Data from TradingView shows that SLP price rose more than 100% from $ 0.127 on July 1 to a weekly high of $ 0.27 as new users inundated the digital battle pet game for cash and the revenue of the Take the Axie Infinity ecosystem to new heights.

New users increase the demand for Axie breeding

The success of SLP depends largely on the overall growth and adoption of Axie Infinity, which has seen a significant surge in new users since the protocol switched to the Ronin sidechain of the Ethereum network in early May.

A recent report from Delphi Digital highlights 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 ) is recorded at the end of April.

Source: Delphi Digital

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

Source: Delphi Digital

As new users join the ecosystem, more Axies will be needed to get into the game, which has resulted in increased demand for SLP as required in the Axies breeding process.

Gameplay provides users with a daily income

One reason for the increased use has to do with the economic struggles of the people in these areas.

Because users could earn SLP on a daily basis by playing or farming SLP, some attendees were able to earn more with Axie Infinity than college graduate salaries.

Source: Twitter

The breeding process can also be very lucrative for users lucky enough to receive “Mystic Axie”, a rare form of Axie that currently has a minimum price of 30 ethers, while original parcels in the Axie universe can be obtained almost 270 ethers .

Source: Twitter

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

Source: Twitter

The growth in revenue from the Axie Infinity ecosystem is also reflected in the total fees that the protocol generates more than any other crypto application combined.

Source: Twitter

While Axie Infinity’s recent growth has been impressive, it remains to be seen whether the current pace is likely to be maintained in the future, and SLP’s long-term success depends on expanding the sustainability of the Axie ecosystem.

Annie

According to Cointelegraph

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