A play to earn (P2E) altcoin has made huge gains after news spread that its future supply will change drastically.
In a new blog post, popular game Axie Infinity (AXS) announced a major rule change in season 20 where players will no longer earn Smooth Love Potion (SLP) by completing “daily quests” to stabilize the token’s value.
“We have removed all SLP rewards from adventure mode as a first measure to stabilize the economy. It has exceeded its purpose.”
The gaming company says the rule change will reduce new SLP issuances by around 45 million tokens each day.
A previous blog post highlighted that this move is just as critical to ensuring the survival of the game itself.
“Inflation of SLP is very high, about 4 times more SLP is created (supplied) per day than is burned (claimed) by breeding [Axies]. We know this is painful. The Axie economy now requires firm and decisive action or we risk a complete and lasting economic collapse. That would have been much more painful.”
Smooth Love Potion’s price has been rising steadily all week. Last Wednesday, the SLP was trading at a fairly low level, but has started to rise in successive waves from Monday.
Today, the altcoin is up another 45% in the last 24 hours and 210% in the past seven days. SLP was trading at $0.02900594 at the time of writing.
Axie Infinity’s native token AXS has also gained nearly 30% in the last 7 days.
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