SLP And AXS Move Higher With Axie Infinity Revealing Economic Revamp

SLP and AXS moved higher in value after Axie Infinity revealed an economic revamp for its upcoming season 20 that will reduce the daily issuance of Smooth Love Potion tokens that are earned as rewards so let’s read further in today’s latest altcoin news.

The popular blockchain-based mobile game made some economic adjustments for its season 20 and reduces the daily issuance of SLP tokens that are earned as rewards. In the first place, teh game eliminated the adventure mode and daily quest rewards which were accounting for 40% and 14% of the SLP created in the ecosystem. Therefore, the daily issuance of SLP tokens will be dropped by 54%. This is important as the inflation of SLP tokens was high with 4x more tokens being created per day than burned which explains the poor price performance over the year.

The prices of SLP and AXS tokens started increasing after the news of the economic revamp. SLP increased by 27% and AXS by 10% so both coins are up by 30% over the past week and SLP is now trading at $0.013 while AXS is trading at $69.65. Axie Infinity noted that the adjustment was necessary in order to balance the economy and to prevent more damages:

 “The Axie economy requires drastic and decisive action now or we risk total and permanent economic collapse.”

Despite the changes, the game’s player vs player mode will be generating double the amount of SLP burned per day and in order to tackle the issue, the game will adjust the awards and will bring a fun burn mechanism as well as economic sinks. The game expanded the AXS leaderboard and it distributed around AXS 3000 to the top 1000 players on the leaderboard. It also then dedicated AXS 117,676 for Season 20 and expanded the leaderboard slot for 300,000. The game said:

“Put simply, we’ve prioritized growth and onboarding millions. Without this approach, it’s likely that Axie would have remained a small, niche game with a few thousand players.
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While that’s great for many projects, our aspiration is to onboard over a billion gamers into Web3 and change the internet forever.”

Axie Infinity was facing some critical economic asymmetries and with the price of AXS surging, a few players were going through the standard procedure of buying three Axis in order to start playing but they also borrowed them from other players which raised sustainability concerns.