Hello All! Another week and with that brings more news in the crypto world. Our thoughts are with our friends and colleagues in the Philippines as they navigate this weather event from mother nature. Always remember, family and friends come first.
Axie Infinity announced season 19 would be extended another 2 weeks. We are grateful for this as it gives scholars additional time to earn SLP at their current MMR. Though we all wish SLP was higher than its current price there are some market factors at play that are affecting the wider crypto market. We are definitely not calling this the bottom of the market but here at On Chain Earners we are not worried and remain long term focused. Now what does that mean? It means to stay positive and stick to your goals. Of course, no one likes being paid less for a job that was yielding them more money just a few short weeks ago, but that’s part of the eco system we are in. We need to remember how grateful we are from the opportunities of play to earn and that its going to be a difficult road to navigate at times. When we see SLP trade with the market, as in when ETH and others go down and SLP follows suit we don’t view this as concerning. This is just natural in markets that trade as prices are fluctuating based on supply and demand.
With all that being said there are some things we do need to point out with SLP. The following is speculation brought on by the current supply of SLP and future releases in Axie Infinity. Recently the ratio of SLP minted vs burned has ran away, and not in a good way. With the increase of players and axis in the latter half of 2021 we saw SLP minted at rates never seen before. Not necessarily a bad thing, but Axie Infinity wasn’t ready for it. With the addition of land and V2 we expect much more use cases for SLP. We speculate building land items and resources will require SLP and potentially even AXS for some. If anyone has ever played Clash of Clans, you know as you accrue resources you reinvest them in your plot which allows for growth of your items. Seeing that there are thousands of plots of land we are going to need A LOT of SLP to get these land plots going. And right now we have that available. I remain very curious on how then land will become useful/profitable for the owner and users but I know the team at Axie Infinity is working hard on these items. Of course we would have to think as a consumer, the better looking and more to do on one’s land plot, the more I am likely to visit. Another great use for SLP would be to “reroll” your Axie. Just think of how many Axie’s could be better with 1 card change. This would lead to even more competition in arena mode while also increasing the rewards of each win (burning of SLP leads to higher price of SLP). The possibilities of SLP being used more in the future are really endless which helps us focus on the long term stabilization of the Axie eco system. Stay the course now and enjoy the benefits later.
