Axie Infinity Releases New SLP Burning Tool

Axie Infinity Releases New SLP Burning Tool
  • Axie Infinity released a new feature that burns SLP to balance the economy.
  • Organizers could host an event that requires proof of burn as registration.
  • Co-founder of Axie Infinity Jeff Zirlin called this new feature as “community burn mechanisms”.

Sky Mavis’ Axie Infinity revealed a new feature that will allow tournament organizers to host tournaments and burn Smooth Love Potion (SLP) along the process. 

The team announced this new feature via its official Twitter page emphasizing: 

“This was a feature requested by tournament organizers so that they could host tournaments with an SLP buy-in that gets burned to help balance the economy.”

Co-founder of Axie Infinity Jeff Zirlin, also known for his nickname “The Jiho”, disclosed that the idea was from Steve Woody. In addition, Zirlin called this new feature a community burn mechanism.

A few hours after Axie Infinity’s burning mechanism announcement, Steve Woody showed how to use the new burning tool.

The burning allows content creators, influencers, and guilds to host an event, where users could participate by burning a certain amount of SLP and submitting the transaction hash number. 

Specifically, a guild could host a tournament or raffles that require proof of burn as their registration. This way, organizers could promote and advertise their sponsors. Moreover, users that join the event have a chance to win great prizes.

Despite this new feature, most SLP hodlers expressed disapproval of the tool. They prefer not to burn their SLP as the chance to benefit from it is very minimal. At the time of writing, SLP price is at $0.01154, down 10.38% in the past 24 hours. As per CoinMarketCap, SLP has a current market cap of $61,624,119 and ranks 443rd in terms of market capitalization.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.