Why Axie Infinity Ecosystem Token SLP Is Skyrocketing Today

Ethereum-based (CRYPTO: ETH) play to earn game Axie Infinity (CRYPTO: AXS) saw one of its tokens skyrocket in value after its dedicated sidechain — meant to power fast and low-cost transactions for the game — launched its own decentralized exchange (DEX).

What Happened: Katana is a DEX that runs on Ronin and enables Axie Infinity players to easily swap tokens with one another on the Ronin sidechain without bridging them to the Ethereum blockchain and incurring additional fees, according to a statement from Axie Infinity parent Sky Mavis.

With Katana, players can exchange Smooth Love Potion (CRYPTO: SLP) reward tokens, AXS tokens, Wrapped Ethereum and stablecoin USD Coin (CRYPTO: USDC). The introduction of the system resulted in SLP skyrocketing by over 103% from a low of about $0.066 to a high of $0.134. SLP traded at $0.11 at the time of writing.

Smooth Love Potions are earned by players in-game for competing against other players online and they can swap the tokens for other cryptocurrencies.

See Also: HOW TO MAKE MONEY PLAYING AXIE INFINITY 

Axie Infinity's main token, AXS, also saw an upward price movement. As Benzinga reported earlier today, its price rose 13.27% to $153.47 in under 24 hours early Thursday before seeing a correction.

Photo: Courtesy of Axie Infinity