
Leading popular metaverse-blockchain game,
In barely three days, the price of AXS cryptocurrency has skyrocketed by 40%, giving the popular NFT game additional legs to stand on after it announced it would be forging a new rewards structure that would apply to its PVP competition round.
Additionally, Axie Infinity shared that it would further reduce the creation of its native Smooth Love Potion (SLP) cryptocurrencies by 56 percent.
The NFT-based videogame, developed by Vietnamese studio Sky Mavis, uses the gatopnance cryptocurrency “AXS” for its Axie Infinity protocol, allowing players to purchase in-game NFTs known as “Axies” from its native store.
Why Axie Infinity reduced SLP cryptocurrencies
Initially, Axie Infinity offered three ways to earn SLP cryptocurrencies – completing daily goals in-game, clearing levels in a special ‘adventure mode’, and range combats.
Notwithstanding, the cryptocurrencyomics behind earning SLP cryptocurrencies was flawed in that the SLP cryptocurrency became inflationary, as too many cryptocurrencies were being earned – outstripping the demand. While the number of cryptocurrencies could be reduced by burning, the burn rate was failing to keep up with the earn rate – forging 4x SLP than what was burned.
In the game, burning occurs through breeding Axies, that players can use their existing AXS cryptocurrencies to breed more.
From what we know, approximately 40% of SLP was created from adventure mode, 44$ from PVP, and 14% from claiming daily quests – leading to the conclusion which this was not a viable economic model. Consequently, the first two generation methods were culled from the upcoming Season 20, removing above 130 million SLP cryptocurrencies from the daily supply.
Specifically, “adventure mode” was a way which incorporated the community to help educate players on how to use the Axie creaures, whereas the “daily quest” was previously used to encourage players to engage with the game daily. By removing the 45 million generated SLP per day, the game can now markedly improve the balance between SLP supply and demand.
With the new developments at it, Axie Infinity will have a leaderboard with 300,000 slots and distribute 117,676 AXS cryptocurrencies for an analogous $6 million prize pool. Previously, there were only 3,000 AXS distributed to the top 1,000 players on the leaderboard.
Additional cryptocurrency burn mechanisms will be added, including unique cosmetics and skins, upgraded Axie body parts, new emojis, breeding events, buy-in tournaments, and Axie naming.
Bitter pill to swallow for Axie fans
At the time of writing, the price of AXS cryptocurrencies was $65.85 and has been on a descending trend from its all-time excessive of $164.90. SLP has been on a descending trend afterward July-August 2021, after hitting a peak of $0.299727 on July 13, 2021.
This is in line with the inflationary pressure effected by lower demand and stronger supply. Axie Infinity has said which developments to bring up the SLP price may be a bitter pill to swallow for some.
However, it is the only way to prevent a total collapse of the game’s economic system.
What do you think about this subject? Write to us and tell us!
The post Axie Infinity Revamps Rewards Structure for PVPs; Token Soars 40% appeared first on CryptCraze.