|

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

  • Axie Infinity has announced the launch of its decentralized exchange Katana on the Ronin blockchain. 
  • The announcement triggered a rally in Axie Infinity in-game reward token Smooth Love Potion. 
  • Users can add liquidity to the AXS/ETH and SLP/ETH pools to earn rewards in RON, the native token of Ronin. 

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. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

XRP extends recovery as on-chain activity grows
Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).
Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal
Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.
Chainlink becomes top 20 best performer, 3 reasons behind the move
Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.
Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows
Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.