The virtual world of Axie Infinity is populated by adorable yet powerful creatures known as Axies. Axies may be utilized to acquire resources and collectibles that can be exchanged on a public market by fighting, breeding, collecting, and even using them. Axie Infinity differs from other online games due to the integration of blockchain technology with conventional online gaming. One of the pioneers of play-to-earn (P2E) games is Axie Infinity.
In this blog post, we will explore some of the key features and concepts of Axie Infinity, such as the Axie Infinity token (AXS), the Ronin Network, and the Smooth Love Potion (SLP).
Table of Contents
What is Axie Infinity and how does it work?
Axie Infinity is a game inspired by popular titles like Pokémon and Tamagotchi, where players can collect and raise fantasy creatures called Axies. Axies are NFTs that have unique genes and traits that determine their appearance and performance in battles. There are more than 500 different body parts available for Axies, which belong to six classes: Aquatic, Beast, Bird, Bug, Plant, and Reptile. Each class has its strengths and weaknesses, as well as four rarity scales: Common, Rare, Ultra Rare, and Legendary.
Players can obtain Axies by buying them from the marketplace, breeding them with other Axies, or earning them through playing the game. The marketplace is a decentralized platform where players can trade their Axies with other players using Ethereum or other cryptocurrencies. Breeding is a process where players can combine two Axies to produce a new one with a mix of their genes and traits. Breeding requires a fee in Smooth Love Potion (SLP), which is another token in the game that can be earned by winning battles or completing quests. Playing the game involves engaging in various modes such as Adventure, Arena, or Land.
Adventure mode is where players can explore the world of Lunacia and fight against monsters called Chimera. Players can earn experience points (XP), SLP, and other rewards by completing levels and missions. Arena mode is where players can challenge other players in ranked or casual matches. Players can earn SLP and AXS tokens by winning battles and climbing the leaderboard. Land mode is where players can build their kingdoms on plots of land that are also NFTs. Players can harvest resources, craft items, and interact with other players on their land.
What is AXS?
AXS is the native token of Axie Infinity. It is an ERC-20 token that runs on the Ethereum network. AXS token enables holders to participate in the decision-making process of the game’s development. AXS holders can vote on proposals that affect various aspects of the game, such as gameplay mechanics, economics, art direction, marketing strategies, etc. AXS holders can also access a portion of the game’s revenue through a community treasury that collects fees from breeding, marketplace transactions, land sales, etc.
AXS has multiple functions within the Axie Infinity ecosystem, such as:
- Governance: AXS holders can vote on proposals and decisions that affect the future of Axie Infinity.
- Staking: AXS holders can stake their tokens to earn rewards and access exclusive features.
- Utility: AXS is used to pay for fees, breed Axies, and access certain parts of the game.
AXS also has a deflationary mechanism that reduces its total supply over time. A portion of the AXS fees collected from the game is burned, meaning they are permanently removed from circulation. This creates a scarcity effect that increases the value of AXS over time.
The total quantity of Axie Infinity (AXS) tokens is 270 million tokens. As of mid-November 2020, around 53.5 million tokens were in use from this total.
A total of 11% of the whole supply was given to participants in the Binance Launchpad IEO auction, while 4% was sold in a private transaction. Additionally, 29% of the total funding is designated for staking incentives, 20% for the play-to-earn pool, 21% for the team, 7% for advisors, and 8% for the ecosystem fund.
What is Ronin?
Ronin is a sidechain network that was created specifically for Axie Infinity. A sidechain is a separate blockchain that is connected to a main chain, such as Ethereum. Ronin allows Axie Infinity to run faster and cheaper than Ethereum, which suffers from high congestion and fees.
Ronin was developed in collaboration with some of the leading names in the blockchain industry, such as Sky Mavis (the creators of Axie Infinity), Ethereum, Binance Smart Chain, Ubisoft, and Animoca Brands. Ronin has its token, called Ronin (RON), which is used to pay for transactions on the network.
To use Ronin, players need to install the Ronin Wallet, which is a browser extension that allows them to interact with the network. Players also need to bridge their assets from Ethereum to Ronin using the Ronin Bridge. Once they do that, they can enjoy a smooth and seamless gaming experience on Axie Infinity.
What is SLP?
SLP stands for Smooth Love Potion, which is another ERC-20 token that is used in Axie Infinity. SLP is mainly used for breeding new Axies. Each time players breed two Axies, they need to pay a certain amount of SLP, depending on the breed count of the parents. The higher the breed count, the more SLP is required.
SLP can be earned by playing various game modes in Axie Infinity, such as:
- Adventure: Players can battle against monsters called Chimera and earn SLP based on their performance.
- Arena: Players can challenge other players in ranked battles and earn SLP based on their rank and win rate.
- Daily Quests: Players can complete simple tasks every day and earn SLP as a reward.
SLP can also be traded on the open marketplace or exchanged for other tokens on decentralized exchanges (DEXes).
There is no cap on the overall quantity of SLP, and there are 1.02 billion tokens in circulation.
Axie Infinity is more than just a game. It is a play-to-earn revolution that empowers players to own their digital assets and earn income from their gaming activities. By combining blockchain technology with engaging gameplay, Axie Infinity creates a new paradigm for online gaming that is fun, fair, and rewarding.
If you are interested in joining the Axie Infinity universe, you can start your adventure with free starter Axies each with unique abilities and playstyles. You can also visit their official website, join their Discord community, or follow them on Twitter for more updates and information.
How do I start playing Axie Infinity?
If you want to start your adventure with Axie Infinity, you will need to have:
A MetaMask wallet, which is a browser extension that allows you to interact with the Ethereum blockchain
Some ETH in your wallet to buy your first three Axies on the marketplace
A Ronin wallet, which is a sidechain that allows faster and cheaper transactions for Axie Infinity
An account on the Axie Infinity website, where you can link your MetaMask and Ronin wallets
Once you have these ready, you can start playing Axie Infinity by downloading the game client for your device (Windows, Mac, Android, or iOS) or playing on the web browser. You can also join the official Discord server or follow the official Twitter account to stay updated on the latest news and events.