Binance, one of the leading cryptocurrency exchanges has announced today, 2/9/21 the support of Ronin sidechain, a layer-2 solution developed by Sky Mavis that serves the Axie Infinity game and its upcoming ecosystem.
The Ronin integration includes both Axie Infinity token (AXS) and Smooth Love Potion (SLP). Deposits are currently open while withdrawals will begin on 4/9/21.
Binance already supports SLP and AXS on the Ethereum network (ERC-20) and Binance Smart Chain (BEP-20).
These are some great news for the Axie Infinity players as the process to withdraw SLP tokens from the game to Binance requires bridging the SLP/AXS from Ronin to Ethereum and two Ethereum transactions which are costly, especially when players withdraw small amounts.
The development company behind Axie Infinity, Sky Mavis has recently been listed as one of the top 20 mobile gaming companies as per Pocket Gamer’s list. The current listing is no surprise since Axie Infinity has surpassed the 1,5 Million players mark, making it the most valuable game worldwide since there are not other play-to-earn games on that list.
With great success come big challenges, even though the price of SLP tokens is up 1404.45% since its all-time low on July 16, 2020 ($0.009543), recently the price of SLP has been plumping with the massive growth of players trying to cash out their earnings.
SLP minting is at all-time high rates and players are requesting from Sky Mavis to take action. A possible solution would be to increase the breeding fee of SLP for Axies, which is the only utility case as of now.
Not long ago, in order to balance the economy, Sky Mavis had to reduce the player’s earnings in half through adventure mode from 150 to 75 SLP per day, this resulted in more competitive arena games where players compete on PVP battles based on their MMR (ELO ranking).