Ronin network’s Axie Infinity is a spectacular play-to-earn game that has provided a good revenue stream for many people worldwide.
Axie Infinity’s in-game economy is an essential part of its ecosystem. The game is built on a highly scalable Ronin sidechain, and it features a dual token economy powered by the Smooth Love Potion (SLP) and Axie Infinity Shards (AXS).
However, before playing the game, you must put a powerful team of Axie, the in-game characters, in place. To do this, you must fund your Ronin wallet with a good amount of SLP tokens.
Funding your Ronin wallet is easy. All you have to do is create a Ronin wallet and fund the wallet directly from a centralized exchange. You can also swap ETH for SLP within the wallet.
In this article, you’ll learn more about the SLP, its use cases within the Axie Infinity ecosystem, and how to fund your Ronin wallet with the token.
Smooth Love Potion (SLP) token
Smooth Love Potion token is the secondary in-game currency after AXS, its native currency. The ERC-20 token has an unlimited supply, with just 45 billion circulating supply at the time of writing.
It also boasts a high market cap of $145 billion, putting it conveniently at the top 200 coins by market cap on Coinmarketcap.
Axie players can earn SLP by participating in gaming activities, including battling with other players or completing special quests daily. With SLP, players can start breeding their Axies in-game characters.
Regardless of the cost of expendable SLP tokens, players can breed up to 7 offspring from parent Axies. Meanwhile, the higher the breed count, the higher the SLP token required for breeding.
The SLP token undergoes burning when used for various utility functions. In addition to the controlled amount of SLP a player can earn daily, the burning mechanism also sustains the token’s value.
Use Cases of Smooth Love Potion (SLP)
The main use cases of SLP include the following:
- Trading Axies: The most important use of SLP in Axie Infinity is trading Axies. Players can buy or sell the in-game creatures to train and breed them for battle. These Axies have unique attributes, traits, classes, and skills that give players in-game advantages. These characteristics also determine their marketplace price.
- Minting: Apart from trading Axies, players can mint in-game resources and Axie items with their SLP. When minting an item, SLP is burnt to reduce its supply and increase the value of the produced token.
- Breeding Axies: Creating new offspring from parent Axies requires both AXS and SLP tokens. Once your Axies reach maturity five days after collection, you can breed them with SLP, depending on their breed count.
- Trading on exchanges: SLP is a high market cap token that is listed on many CEXes and DEXes. With this, crypto traders can potentially earn passively from staking or locking in liquidity farms. It is also useful as a store of value.
Overall, the value that SLP tokens can attain is uncapped due to their deflationary mechanism; therefore, as more players join Axie Infinity to earn and burn new SLP tokens, the greater the increase in the value of SLP.
Creating a Ronin Wallet
Ronin wallet is the native crypto wallet for the Ronin network. The protocol is an Ethereum sidechain built specifically for the Axie Infinity play-to-earn game. Apart from Axie, the Ronin network also powers many NFT games within the Ronin blockchain.
The Ronin wallet allows Ronin users to store and transfer fungible and non-fungible tokenized gaming assets. Apart from this, it gives users access to myriads of Ronin-based Decentralized Applications (DApps).
Due to Ronin’s scalability, users can store, receive and transfer assets on the wallet without incurring any expensive transaction fee.
Currently, the Ronin wallet supports Axie Infinity’s tokens, i.e., Axie Infinity Shard (AXS) and Smooth Love Potion (SLP). Also, it supports Wrapped Ether (WETH) and USDC stablecoin.
Ronin wallet is available as an extension on web browsers for PC devices or as a mobile application for Android or iOS device users. All you have to do is head to your device’s app store and download the app.
Here’s how to set up Ronin wallet:
- Download the wallet
- Set up an account
1. Download the Ronin wallet
To get started, download the Ronin wallet for your device.
For PC devices, you can get Ronin wallet on your browser’s extension store for Chrome or Firefox.
If you’re using Chrome, go to the Chrome extension store and search for Ronin wallet.
Once you find the wallet, click on ADD TO CHROME to start downloading the extension to your browser.
For mobile devices, go to your respective app store for iOS or Google Playstore for Android devices and download the app.
2. Set up an account
After downloading the wallet, open the app and click on GET STARTED.
If you’re using the wallet for the first time, tap on I’M NEW. LET’S GET SET UP!
On the setup page, choose a strong password, a combination of numbers, letters, and symbols for your wallet password.
Continue by clicking on CREATE WALLET.
On the next page, click on REVEAL SEED PHRASE to back up your key phrases. Ronin is a non-custodial wallet that gives you full control over your seed phrases.
Therefore, keep the key phrases saved if you need to recover your account later.
To back up your key phrases, click on REVEAL SEED PHRASE. Copy and secure these phrases and tap CONTINUE to finish wallet setup.
In your Ronin wallet, you can see your wallet account name and wallet address (which you can use for deposits).
Finally, there’s the ASSET section, where you can see all your fungible and non-fungible tokens.
How to Fund Ronin Wallet with SLP?
After setting up your Ronin wallet, you can fund it with tokens and connect it to your Axie Infinity account.
SLP is available on top Centralized Exchanges like Binance. You only need a verified Binance account to buy and transfer the SLP to your Ronin wallet.
Here’s how to fund Ronin wallet with SLP:
- Log in to Binance
- Buy USDT on Binance
- Swap USDT with SLP
- Copy Ronin deposit address
- Transfer SLP to Ronin wallet
1. Log in to Binance
Navigate to Binance at Binance.com on your web browser.
On the top right corner of the homepage, click on LOG IN to access your existing verified Binance account.
On the login page, input your account’s email address and password. Verify login by inputting the six-digit verification code sent to your inbox.
If you’re a new user, click SIGN UP to register a Binance account with your email address/phone number and password.
Ensure you verify your email before logging in to your account. Once you’re in, navigate to ACCOUNT SETTINGS to complete the KYC process.
You must submit a valid copy of your government-issued identity document (passport, driver’s license, or national identity card), utility bill, and selfie.
2. Buy USDT on Binance
After logging in, click on BUY CRYPTO from the top left corner of the home screen to buy cryptocurrency with your credit/debit card or via Bank transfer.
However, you cannot purchase SLP with fiat currency. Therefore, you must buy USDT and exchange it with SLP in Binance Convert.
On the BUY CRYPTO page, choose USDT as the crypto you’d like to buy, then input the purchase amount and tap CONTINUE.
To finalize your purchase, input your payment details in the field provided and complete 2FA verifications.
3. Swap USDT with SLP
Once you’ve completed the USDT purchase, you can swap for SLP in Binance Convert.
Binance Convert allows users to swap tokens seamlessly with little to no fees. Most importantly, you won’t be spending any gas fees.
To swap USDT for SLP, click on TRADE > BINANCE CONVERT from the top navigation bar.
In Binance Convert, select USDT in the first field tagged ‘FROM.’ In the second field, select SLP.
Finally, input the amount of USDT you want to swap for SLP and click on PREVIEW CONVERSION.
Review the swap details in the window that pops up and click on CONFIRM to finalize the swap.
4. Copy Ronin deposit address
Now that you’ve funded your Binance wallet with SLP, you can transfer them to Ronin wallet with your deposit address.
To find your deposit address, open your Ronin wallet and click on the COPY icon in front of your wallet address to deposit SLP to Ronin.
Ronin addresses always start with ‘ronin:’ by default. However, if yours starts with ‘0x,’ you can simply change to Ronin network by changing the ‘0x’ prefix to ‘ronin:’
5. Transfer SLP to Ronin wallet
Go back to Binance to withdraw SLP tokens from your wallet.
To access your wallet, click on WALLETS > FIAT AND SPOT.
You should find SLP tokens as the first asset on the list.
To withdraw the tokens to Ronin wallet, click on WITHDRAW in front of SLP tokens.
On the withdrawal page, paste your deposit address.
Select RONIN as the network and input the amount of SLP you want to withdraw. Click on CONFIRM and complete 2FA verifications to complete the transfer.
The concept of rewarding gamers for having fun with play-to-earn games is an all-new innovation that has further improved the use and adoption of cryptocurrency and blockchain technology.
Although this has enraged critics around the world, it is almost impossible to stop the concept from mainstream adoption.
Play-to-earn games like Axie Infinity have provided a means of sustainability for many people reeling in the economic effects of the COVID-19 lockdown. In-game tokens like SLP serve as a means to reward people for their time and dedication.
While SLP promotes the play-to-earn concept in crypto games, its growth within and beyond the Axie Infinity ecosystem indicates a viable economy backed by a genuine ecosystem of enthusiasts.
Therefore, with more people going for P2E games rather than traditional games, it’s sure that SLP and other P2E tokens will take over as the next-gen altcoins and a great investment asset.