What does minted SLP mean?

SLP is a utility token/potion in the Axie ecosystem. It’s used to breed Axies. This happens when a massive rush of entrants join the ecosystem and hadn’t ramped up production by playing yet. Once these players were onboarded and started earning, the amount minted started to increase relative to the burn rate.

What is Mint and burn?

The burn-and-mint equilibrium (BME) model is a token economic structure used by certain crypto networks. Service providers then earn rewards by inflationary minting which is independent of the token burning process. As the network grows in usage, the value-seeking tokens are burned and the tokens accrue more value.

What is SLP in AXIE?

Smooth Love Potion (SLP) is a type of digital money found in the Axie Infinity metaverse game. It allows users to breed Axies, which are collectible digital creatures in the game. SLP tokens have increased in popularity to the point that they are being traded on cryptocurrency exchanges.

Is SLP infinite?

Smooth Love Potion (SLP) is Axie Infinity’s key in-game digital currency. It is an ERC-20 token that can only be earned (Minted) by playing the Daily Quests, PvE Adventure, and PvP Arena modes in the game, and it is spent (Burned) by Breeding new Axies.

What is minted and burned Crypto?

Every transaction that is conducted on the blockchain is public; therefore, these coins are effectively taken out of the total supply and can be verified by anyone at any point in time. Coin burning is the process of permanently removing cryptocurrencies from circulation, reducing the total supply.

What is Crypto minting?

A. Creating new crypto coins using a proof-of-stake (PoS) consensus algorithm. In contrast, proof-of-work (PoW) cryptos come into existence by being “mined.” The mining and minting terms were created from real-world coin making. Gold and silver are “mined” out of the ground and then “minted” into coins for circulation.

What is SLP used for?

SLP can be used within the game to breed new Axies, and earned by playing the game, especially by winning battles. SLP is an uncapped utility token, that is to say its supply grows as more players join the game. The token is needed to breed Axies, a major avenue to earn from playing the game.

What is AXS vs SLP?

Whereas SLP has an unlimited supply, AXS is limited to a maximal supply of 27 million. Like many governance tokens, AXS also redistributes value within the ecosystem. For instance, the breeding fee is paid partially in AXS, which is subsequently added to the community treasury.

What is the current SLP minted vs burned?

Minted vs. burned SLP is now at 132 million to 19 million. SLP minted is growing every day. SLP burned is decreasing every day. With any asset I know if you’re making 10 of it and removing one of it, that ain’t great for the value of that asset long term.

What happens to my SLP tokens when they are burned?

The burning of a token happens when the BCH is disconnected from the SLP token, which is then destroyed (or burned). This can happen if SLP tokens are sent to a BCH only wallet (instead of a BCH/SLP wallet) or if tokens are purposely burned from inside a wallet with that capability, such as Electron Cash SLP

What is SLP and how do I get It?

SLP is an uncapped utility token that is used to breed new Axies. It can be either mined through playing Axie Infinity, bought via Uniswap, or earned by participating in various promotions or tournaments. Small Love Potions are required in the breeding of two Axies, in which the the spent SLP will be burned and be replaced with a new Axie.

Where are SLP tokens and coins stored?

SLP Tokens and coins are stored in unspent transaction outputs or a utxo. If a token utxo (all or multiple tokens can be in one utxo) is split during the process, then the change from that split will be sent back to the wallet.