Mystery of the whale wallet containing 50% of Axie Infinity's SLP supply
Contrary to the obvious explanation, this huge whale wallet does not belong to Axie Infinity or the company behind it, Sky Mavis.
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For nearly a year now, a mysterious Axie Infinity wallet has been quietly accumulating billions in Smooth Love Potion (SLP), the in-game cryptocurrency that powers one of the play-to-earn cryptocurrency games (P2E) most popular in the industry.
Today, the anonymous whale wallet now contains just over 22 billion SLP, or more than 50% of the token's total circulating supply.
The problem? No one knows who it belongs to and what their intentions are.
The wallet in question was brought to the attention of Cointelegraph by Axie Infinity player and tech co-founder Michael Benko, who first learned of this mysterious wallet on August 25.< /p> Should we be worried?
Benko told Cointelegraph that he was worried about the wallet given the amount of SLP he had accumulated in a relatively short time, which could potentially wreak havoc on the gaming ecosystem.
"The significance of a wallet with that many SLPs, if it's an individual, gives that person enormous control over an economy, especially in an economy where it's so hard to hit a token."
Launched in 2021, Axie Infinity is a blockchain-based game where players purchase NFTs of cartoon creatures that they raise and battle against other players in turn-based gameplay.
SLPs are earned by players by completing daily quests, battling other players in "Arena" mode, or playing against the AI in "Adventure" mode. SLP can be used to breed Axes, craft runes and in-game charms (power-ups) and can be sold on trades.
Benko noted that according to the last update of the season, an average Axie Infinity player can generate between 10 and 70 SLP per day, depending on their quality at play.
"So it's a concern, if somebody's sitting there with 22 billion SLP [...] they could really keep the price fixed or keep it low when in fact they should, depending on the conditions natural market, increase."
Contrary to the obvious explanation, this huge whale wallet does not belong to Axie Infinity or the company behind it, Sky Mavis.
New
For nearly a year now, a mysterious Axie Infinity wallet has been quietly accumulating billions in Smooth Love Potion (SLP), the in-game cryptocurrency that powers one of the play-to-earn cryptocurrency games (P2E) most popular in the industry.
Today, the anonymous whale wallet now contains just over 22 billion SLP, or more than 50% of the token's total circulating supply.
The problem? No one knows who it belongs to and what their intentions are.
The wallet in question was brought to the attention of Cointelegraph by Axie Infinity player and tech co-founder Michael Benko, who first learned of this mysterious wallet on August 25.< /p> Should we be worried?
Benko told Cointelegraph that he was worried about the wallet given the amount of SLP he had accumulated in a relatively short time, which could potentially wreak havoc on the gaming ecosystem.
"The significance of a wallet with that many SLPs, if it's an individual, gives that person enormous control over an economy, especially in an economy where it's so hard to hit a token."
Launched in 2021, Axie Infinity is a blockchain-based game where players purchase NFTs of cartoon creatures that they raise and battle against other players in turn-based gameplay.
SLPs are earned by players by completing daily quests, battling other players in "Arena" mode, or playing against the AI in "Adventure" mode. SLP can be used to breed Axes, craft runes and in-game charms (power-ups) and can be sold on trades.
Benko noted that according to the last update of the season, an average Axie Infinity player can generate between 10 and 70 SLP per day, depending on their quality at play.
"So it's a concern, if somebody's sitting there with 22 billion SLP [...] they could really keep the price fixed or keep it low when in fact they should, depending on the conditions natural market, increase."
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