[Axie Infinity] SLP Price doubles while Axie Users number explode!
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This is a translated material, original source here: https://cointelegraph.com.br/news/small-love-potion-slp-price-doubles-as-axie-infinity-user-growth-explodes
Rapid expansion in the Axie Infinity ecosystem and a high parabolic AXS triggered a 100% increase in the SLP price.
Last week, Axie Infinity's AXS token entered an impressive parabolic run and hit a new record high of $19.60.
Small Love Potion (SLP), a token in the Axie Infinity (AXS) ecosystem that is coined through the game as a reward to users, also came up with a triple-digit gain. The SLP can then be used as currency to create Axies, which are creatures based on non-fungible tokens that populate the Axie Infinity world.
(Graphic SLP / USDT 4 hours. Font: TradingView)
Small Love Potion (SLP), a token in the Axie Infinity (AXS) ecosystem that is coined through the game as a reward to users, also came up with a triple-digit gain. The SLP can then be used as currency to create Axies, which are creatures based on non-fungible tokens that populate the Axie Infinity world.
Data from TradingView show the SLP price rose 102% from $0.127 on July 1 to a weekly high of $0.257 as new users invade the digital battle game to make money and drive revenue from the Axie Infinite Ecosystem to new peaks.
New users increase demand for Axie creation.
The success of SLP 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 migrated to the Ronin side chain of the Ethereum network in early May.
A recent Delphi Digital report highlighted that interest in the Axie ecosystem has grown at an "exponential rate since the launch of Ronin", with the greatest growth seen in the Philippines, Venezuela, Cuba, Qatar and the UAE starting towards the end of April .
(Google's daily interest and geographic split for Axie Infinity. Source: Delphi Digital)
The increase in interest has led to an influx of new users over the past two months, as evidenced by the growth of daily active users, exclusive Axie holders and the number of Discord members.
(Axie Infinity Community Growth Statistics. Source: Delphi Digital)
As new users enter the ecosystem, more Axies are needed for them to get involved in the game, which has led to an increased demand for SLP as it is needed in the process of creating Axies.
Gameplay provides users with a daily income.
One reason for the increased use for certain geographic reasons is largely related to the economic struggles of the population in those regions.
With users being able to earn SLP daily through play or agricultural SLP, some participants have been able to earn more money with Axie Infinity than college grads earn working.
https://twitter.com/Darrenlautf/status/1412614496271540231
The creation process can also be quite lucrative for users fortunate enough to receive a "Mystic Axie", a rare form of Axie that now has a price floor of 30 Ether, while genesis batches in the Axie Universe can reach around 270 Ether.
https://twitter.com/seuchenhund/status/1412878376948350979
As a result of the growth the ecosystem has gone through since early May, the daily sales volume at Axie has recently surpassed $25 million, with more than 50,000 NFTs being sold per day.
https://twitter.com/SJanuskas/status/1413858522597572608
To help contextualize the importance of the growth seen in revenue generated by the Axie Infinity ecosystem, last week the protocol generated more fees than all other cryptocurrency applications combined.
(Seven-day protocol revenue. Fone: Twitter)
While the recent growth of Axie Infinity is impressive, it remains to be seen whether the current pace is capable of being maintained in the future and the long-term success of the SLP depends on a sustained expansion of the Axie ecosystem.
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