Small Love Potion makes explosive gains as Axie Infinity launches DEX

Small Love Potion makes explosive gains as Axie Infinity launches DEX
фото показано с : invezz.com

2021-11-5 14:06

Small Love Potion has been on a major bullish rally during the past 24 hours. The altcoin has been up 46% during the past 24 hours, according to data from CoinGecko. At some point, the altcoin had reached highs of $0.12 after 100% gains, but it has retreated a bit to the current price of $0.107.

Small Love Potion is part of the popular Axie Infinity (AXS/USD) ecosystem, and the gains made by the token have been attributed to developments in the gaming blockchain.

Axie Infinity to launch a decentralized exchange

As aforementioned, SLP is part of the Axie Infinity ecosystem. The platform is now launching a decentralized exchange (DEX), fuelling demand for the SLP tokens.

Axie Infinity is among the few blockchains in the crypto space, tapping into the rapidly growing Play-to-Earn sector. Players on the Axie Infinity ecosystem earn SLP tokens when they play. The tokens can also be used by players who want to breed new Axies.

Axie Infinity announced the launch of Katana, which will be the Ronin decentralized exchange. The announcement read,

Today, we take one step closer to a more prosperous future for our nation – Katana, the Ronin Dex, is live! You can now deposit liquidity and swap tokens. RON rewards will be activated for the AXS/ETH & SLP/ETH pools later this week.

Following this development, many investors may be accumulating SLP tokens because of the increased utility they are expected to have over the coming weeks.

The Metaverse has also played a role

The launch of the Axie Infinity Dex is not the only thing fuelling SLP’s gains. Recently, there has been a lot of talk concerning the Metaverse. Many projects are launching into this field, which has many benefits to the tokens that operate in this area.

Blockchain gaming platforms, especially those with Play-to-Earn features, are expected to be among the ones that will most benefit from the rise of the Metaverse. As the Metaverse becomes mainstream and more parties venture into the virtual world, tokens such as SLP are poised to benefit.

The post Small Love Potion makes explosive gains as Axie Infinity launches DEX appeared first on Invezz.

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