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.

Read CRYPTONEWSLAND on

google news

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.

Recommended News :

Bryan Yanzon

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.