Axie Infinity launches new DEX propelling in-game reward token SLP to the moon

Axie Infinity, the NFT play-to-earn game, has launched a new decentralized exchange in its ecosystem. The game’s reward token SLP posted nearly 100% gains in response to the announcement before retracing to $0.10. 

Axie Infinity launches its decentralized exchange Katana DEX

NFT-based video game Axie Infinity announced the launch of its decentralized exchange, Katana. The announcement triggered a rally in reward token Smooth Love Potion, SLP posted over 100% gains in the past 24 hours. The game’s reward token made a comeback after the drop in price in September 2021. 

The SLP token can be used to breed new Axies in the Axie Infinity game. SLP is an ERC-20 utility token compliant with the Ethereum network. SLP can be earned as rewards by Axie Infinity players through battle or adventure mode. SLP can be used to breed new digital pets, known as Axies. It was formerly known as Small Love Potion.

The decentralized exchange Katana was built to reduce the reliance on Axie Infinity and offer liquidity for the ecosystem’s tokens. Katana will act as a liquidity provider once users deposit both sides of a trading pair’s assets into its liquidity pools. 

Interestingly, Axie Infinity’s governance token AXS has posted nearly 25% gains over the past two weeks. AXS hit an all-time high of $162.24 a week ago, and SLP price is climbing towards its all-time high of $0.39. 

Since its launch, Axie Infinity became one of the most popular NFT games in the ecosystem, generating over $2.8 billion worth of NFT trade volume. 

Cryptocurrency YouTuber “Crypto King” analyzed the trade volume and on-chain activity of AXS and SLP. Crypto King has set a target of $0.45 for SLP tokens based on the updates in the Axie Infinity ecosystem.