Axie Infinity Surges on Plans to Cut Back P2E Tokens

Axie Infinity

Axie Infinity has announced that it would reduce the supply of Smooth Love Potion tokens by 56% in a reward rebalance, causing native tokens to jump.

The project team notes that eliminating the daily quest would cut issuance by about 45 million SLP per day. The daily quest was introduced to encourage people to play daily.

Axie Infinity is also planning to launch a $6 million prize fund with changes set to its reward structure. The reward has increased to 117,676 AXS for the top 300,000 gamers in the following season.  

Axie Infinity allows players to collect creatures called Axies, raise them, and battle them with rivals. The blockchain-based game was inspired by Pokémon Go. 

In the play-to-earn game, players earn SLP tokens as rewards, which are redeemable for in-game items that improve the creatures’ capabilities.

The play-to-earn gaming segment rose in popularity last year, attracting users with its entertainment and token rewards.

Axie Infinity’s native token AXS is up 30% from that at the end of January but still lower than last year’s ATH of $160. SLP jumped 40% on the announcement shortly before retracing.

 Source: Cryptopotato

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