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How to sell Smooth Love Potion (SLP)

An in-depth guide on how to sell SLP for fiat and other cryptocurrencies.

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Smooth Love Potion (SLP) is a native token of the popular Axie Infinity blockchain-based gaming platform. Using the ever-evolving NFT ecosystem, gamers can earn SLP tokens by participating in the role-playing game (RPG) and battling their unique NFT characters, known as “Axies”.

Axie Infinity borrows heavily from the Pokemon system, where users can pit their Axies against other computer-generated enemies, as well as other players’ pets around the world. These Axies can be bred up to 7 times and levelled up. Axie owners can earn SLP through game progression as well as selling their NFT pets, or the pets that they breed.

The game is based on the Ethereum blockchain and SLP is an ERC-20 token. After playing the game for a while, users may have accumulated enough SLP that they wish to exchange it for another currency – be it a local currency (fiat) or crypto. There are a few ways this can be accomplished.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to sell Smooth Love Potion (SLP)

Check out the table for a list of exchanges that trade SLP.

Name Product Deposit methods Fiat Currencies Cryptocurrencies
FTX Cryptocurrency Exchange
Credit card, Wire transfer, Silvergate Exchange Network (SEN), Signature SIGNET
USD,EUR,GBP,AUD,HKD,SGD,TRY,ZAR,CAD,CHF,BRL

69
cryptocurrencies

FTX is an exchange built by traders for traders, with a range of derivatives markets such as options and futures with deep leverage, in addition to standard spot markets. Note: Not available for US customers.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

818
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

153
cryptocurrencies

Buy 100+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

314
cryptocurrencies

Promo: New users earn up to USD 100 in bonus rewards on qualified deposits and trades. Valid till 31 December 2021. T&Cs apply.
Finder Exclusive: Get 10% discount on your fees when signing up through Finder.
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
AAX Cryptocurrency Exchange
AAX Cryptocurrency Exchange
Alipay, Bank transfer, Cash, Neteller, PayPal, Qiwi, SWIFT, WeChat, Western Union, UPI, IMPS, Paytm, Faster Payments (FPS), PayNow, Swish, Payme
AUD, CAD, CNH, CHF, EUR, GBP, HKD, NZD, SGD, USD

110
cryptocurrencies

Make fast transactions including spot, futures and P2P trading with this cryptocurrency exchange.
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How to sell SLP

There are several ways to SLP, and the best method will depend on your specific circumstances. Some of your options include:

  • Sell your SLP on an exchange that supports direct withdrawals from the Ronin wallet, such as Binance. This is good for low fees.
  • Transfer SLP to Ethereum, and sell on a decentralised exchange or AMM. This will give you a wide range of cryptocurrencies to swap SLP for, but can be quite expensive.
  • Convert your SLP to another token or stablecoin, which can then be traded on an exchange. This is good if your preferred exchange doesn’t support SLP, but fees can add up easily.
  • Use a P2P marketplace. This is a useful way of trading SLP for your local currency, in case it is not supported on the spot market.

Let’s take a look at each.

Transfer SLP from Ronin to an exchange

If you want to avoid fees, then the cheapest method is to withdraw your SLP tokens directly from the Ronin wallet to an exchange. This is because the Ronin network does not charge transaction fees, which means the only fees will be those charged by the exchange when you make a trade.

As of October 2021, Binance is the only exchange that supports withdrawals directly from the Ronin wallet, although other exchanges are likely to follow.

  1. Set up an account on an exchange that supports SLP like Binance. Many users will already have a Binance account, but if not, ensure you’ve created and verified an account on the exchange before proceeding.
  2. Get your SLP despoit address on Binance. Once you are logged into Binance, go to your SLP wallet and copy the deposit address. You can do this by going to Wallet > Fiat & Spot. Then search for SLP and click on “Deposit” and choose the Ronin network to get your deposit address. Copy your address to the clipboard as you will need it in the next steps.
  3. Head to the Axie Infinity dashboard. Log into your SLP account and navigate to the Axie Infinity dashboard. From here, “sync” your SLP, which should place your funds into Axie Infinity’s native Ronin wallet.
  4. Transfer your SLP to Binance. Once your funds are synched, open the Ronin Wallet and go to “Send”. Paste in your Binance SLP address into the field named “TO” and choose SLP as the “ASSET”. Input the amount of SLP you want to send. Double-check the address is correct then click “Next” and follow the instructions to finish the transaction. You might want to send a small amount first to make sure everything works properly as if you input the wrong address you will lose your funds.
  5. Sell your SLP. To sell your SLP, go to your Fiat and Spot wallet. Then scroll down to SLP or search for it using the search bar. Click on Trade or Sell to see a list of available trading pairs. If you want to trade SLP for your local currency, then you will need to follow the additional steps in the P2P section of this guide.

Trade SLP on Ethereum using Metamask

SLP can be converted to Ethereum tokens (ERC-20) which allows you to trade them on a decentralised exchange or AMM, such as Uniswap. This lets you trade SLP for any ERC-20 token you want, but you will pay a lot in gas fees for doing so.

Before you can trade SLP on Ethereum you will need to transfer it out of your Ronin wallet to a MetaMask wallet. This is because Ronin is an Ethereum sidechain, which means tokens need to first be bridged back to the Ethereum mainnet before they can be traded on Ethereum.

Currently the Ronin wallet only supports bridging assets to a MetaMask wallet.

You will lose your tokens if you attempt to send them to an Ethereum address without first bridging them from Ronin to MetaMask.

  1. Set up a MetaMask account. If you haven’t already, download, install and create a MetaMask account. You can read our comprehensive guide to MetaMask for more information.
  2. Head to the Axie Infinity dashboard. Log into your SLP account and navigate to the Axie Infinity dashboard. From here, “sync” your SLP, which should place your funds into Axie Infinity’s native Ronin wallet.
  3. Bridge your SLP to MetaMask. Once your funds are synched, head over to the Ronin Bridge and select “Withdraw” to transfer your SLP to your connected MetaMask wallet.
  4. Trade your SLP. You may now trade your SLP on Ethereum using a decentralised exchange or AMM. Alternatively, you can send SLP from your MetaMask to an exchange that supports SLP. If your preferred exchange does not support SLP, then you may want to trade SLP for another token which you can then send to your exchange. This may provide you with a way of cashing out into your local currency. To do this, see the next section.

Convert SLP to another token or stablecoin

If you want to sell your SLP, but your preferred exchange doesn’t support SLP deposits, then you may want to convert your SLP to another token that is accepted by your exchange. If you’re looking to trade SLP for your local currency, this is one of the methods you can follow.

Keep in mind that you will have to pay fees several times, and they can be quite expensive.

  1. Bridge your SLP to MetaMask. Bridge your SLP to MetaMask using the instructions in the previous section.
  2. Head to the UniSwap platform. Go to the UniSwap application and connect your MetaMask wallet to the platform by clicking the “Connect to a Wallet” button in the top right. Select the correct wallet from the box that opens. Confirm and accept the dialogue boxes that open on the MetaMask browser extension.
    Picture not described
  3. Select your desired trading pair. Using the dropdown boxes, select “SLP” in the first box and your desired cryptocurrency in the second. In this example, we’ll use ETH.
    Picture not described
  4. Ensure you have ETH in your wallet. To pay for UniSwap’s transaction fees, ensure you have a small amount of ETH in your MetaMask wallet. Be aware that fees can vary a lot depending on the time of day. MetaMask will give you an estimate of the fee, but you can also use a tool like Etherscan to get an idea of how much it will cost.
  5. Swap your tokens. Select the “Swap” button and confirm the transaction via UniSwap and MetaMask. After a brief wait, your new ETH coins should appear in your MetaMask wallet. They can now be transferred to an exchange to be sold for local currency (fiat) or held on to for later.
  6. Trading your tokens for local currency (fiat). If you want to convert your new tokens into a local currency, you will need to find an exchange that supports your currency. We used ETH as an example because it is widely accepted by most local cryptocurrency exchanges. Simply forward the ETH to the relevant exchange’s wallet address and sell it for your desired currency. Alternatively, you can sell your SLP or ETH on a peer-to-peer marketplace in return for local currency.

          Sell SLP on a peer-to-peer (P2P) market for local currency

          Binance has a peer-to-peer marketplace (P2P) that allows traders to swap SLP and other cryptocurrencies for a large range of fiat currencies, including PHP. This involves finding an individual buyer for your SLP and is quite different to using the spot market.

          As such it comes with the added risk that the person on the other end may attempt to lure you into a scam. Make sure to familiarise yourself with some of the risks involved before trading.

          To use the P2P marketplace on Binance, you can withdraw SLP directly from your Ronin wallet to the Binance exchange, which also means you don’t have to pay gas fees on Ethereum which should save you a lot of money.

          1. Set up an account on an exchange that supports SLP like Binance. Many users will already have a Binance account, but if not, ensure you’ve created and verified an account on the exchange before proceeding.
          2. Get your SLP despoit address on Binance. Once you are logged into Binance, go to your SLP wallet and copy the deposit address. You can do this by going to Wallet > Fiat & Spot. Then search for SLP and click on “Deposit” and choose the Ronin network to get your deposit address. Copy your address to the clipboard as you will need it in the next steps.
          3. Head to the Axie Infinity dashboard. Log into your SLP account and navigate to the Axie Infinity dashboard. From here, “sync” your SLP, which should place your funds into Axie Infinity’s native Ronin wallet.
          4. Transfer your SLP to Binance. Once your funds are synched, open the Ronin Wallet and go to “Send”. Paste in your Binance SLP address into the field named “TO” and choose SLP as the “ASSET”. Input the amount of SLP you want to send. Double-check the address is correct then click “Next” and follow the instructions to finish the transaction. You might want to send a small amount first to make sure everything works properly as if you input the wrong address you will lose your funds.
          5. Transfer assets from your spot wallet to your P2P wallet. After waiting a short while for the transaction to complete, head back to Binance’s Wallet tab, this time navigating to the “Overview” section from the dropdown menu. Select the “Transfer” button on top of the page and then fill out the boxes as desired, ensuring to select “P2P” as the “transfer to” option.Picture not described
          6. Navigate to Binance P2P. Now that your SLP is in the correct Binance wallet, simply navigate to Binance P2P and tick the “Sell” option.
            Picture not described
          7. Select your trading partner. Input your chosen fiat currency (at the time of writing this is only available with PHP) and select SLP from the crypto sale options above. Finally, select a trading partner at an exchange rate you are comfortable with. Ensure you take note of the payment method – they range from Gcash to bank transfer – and also observe the trader’s profile for reviews and trading history. Binance does offer some protection from scammers on its P2P trading platform, but it is best to avoid this process altogether by selecting a reputable trader.
          8. Sell your SLP. Open up a chat with the seller and arrange the transaction. The money will be paid to you via the selected payment method.

          How to choose the best way to sell SLP

          Deciding whether to sell your SLP for crypto or fiat can be a difficult decision.

          There’s no real correct answer as to which is the “best way”, as it will entirely depend on your desired outcome.

          For example, some users may wish to trade SLP for their local currency, which would involve selling SLP for another crypto that can then be traded for their local currency. Others will be happy to trade SLP for a stablecoin like USDT or BUSD. The easiest way to do this is through a centralised exchange.

          Others may prefer to avoid centralised exchanges, and opt for a platform like Uniswap which can trade SLP for almost any other Ethereum ERC-20 token. Certain cryptocurrencies (like Ethereum) can be reinvested into liquidity or staking pools to earn additional income through DeFi, which may be appealing to some SLP holders.

          Finally, it is worth considering the fees that will be incurred through either method. Binance P2P users are able to trade SLP to PHP with zero trading fees, although transferring SLP to your Binance wallet will have a gas fee attached. Trading for crypto on Uniswap or other decentralised exchanges will result in a more expensive gas fee, so it is worth doing your own research to see which option is more beneficial to your desired trading volume.

          When is the right time to sell SLP?

          Like with most investments, timing when to sell (or purchase) an asset is quite difficult and will typically depend on your circumstances.

          The easiest way to decide when you should sell your SLP is when you have a clear goal in mind. For example, if you simply want immediate access to fiat currency to spend on something (like a holiday), it makes sense to sell your SLP once you’ve reached that goal, regardless of asset price.

          Similarly, you may have an investment strategy in mind that involves another cryptocurrency you think will rise in value. Or, you may just want to trade for another crypto so you can earn additional rewards on the currency through staking.

          In both of the above instances, the best time to sell will usually be when you’re ready. Ensuring you have a clear plan for your SLP assets will help avoid the stress and difficulty of trying to time the market.

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