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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.
Check out the table for a list of exchanges that trade SLP.
There are several ways to SLP, and the best method will depend on your specific circumstances. Some of your options include:
Let’s take a look at each.
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.
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.
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.
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.
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.
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.
Ang Axie Infinity ay isang RPG game na gumagamit ng NFTs. Alamin kung ano ang mga Axies, bakit sila natatangi at paano pwedeng kumita ng pera sa pamamagitan lamang ng paglalaro.
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Ang gabay na ito ay magpapakita sa iyo kung paano magbenta ng SLP sa kahit anong bansa. Ang SLP ay maaaring kitain bilang in-game currency sa blockchain game na Axie Infinity.
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