Unowned Axie Infinity wallet holds more than 22 billion SLP | The Financial Express

Unowned Axie Infinity wallet holds more than 22 billion SLP

According to Cointelegraph, the value of SLP is more than 50% of the total circulating supply of the token

Unowned Axie Infinity wallet holds more than 22 billion SLP
Gabby Dizon, co-founder, Yield Guild Games (YGG), didn’t take any responsibility for owning the wallet and suggested it could be a wallet used by an exchange to hold liquidity

It has been a year since the Axie Infinity wallet has been accumulating billions of Smooth Love Potion (SLP), which is the in-game cryptocurrency backing one of the industry’s play-to-earn (P2E) cryptocurrency games, as stated by Cointelegraph.

According to Cointelegraph, the anonymous whale wallet currently holds over 22 billion SLP, which is more than 50% of the total circulating supply of the token. The questionable wallet was brought up by Michael Benko, player and technology co-founder, Axie Infinity, who’s attention caught the wallet on August 25. Benko stated that he expressed concerns around the wallet, given the amount of SLP it had gathered in a short period of time which could have an effect on the game’s ecosystem. 

On the basis of information by Cointelegraph, Axie Infinity is a blockchain-based game which was launched in 2021, in which players can buy non-fungible tokens (NFTs) of cartoon characters which they breed and fight against each other in turn-oriented gameplay. SLP is earned by players for completion of daily quests, battling other competitors in the arena mode or playing against AI in the adventure mode. Through use of SLP, users can breed Axies, craft in-games runes and charms (power-ups), and can be sold on exchanges. Benko mentioned that an average Axie Infinity player can create between 10 to 70 SLP  per day, depending on how their game performs.

Moreover, Cointelegraph noted that theories around the wallet’s existence haven’t lead to any results. “All tokens in existence have been created by players,” Aleksander Larson, co-founder and COO, Sky Mavis, said. Gabby Dizon, co-founder, Yield Guild Games (YGG), didn’t take any responsibility for owning the wallet and suggested it could be a wallet used by an exchange to hold liquidity. “Don’t think this is ours as we typically use all of our minted SLP for breeding. The likely explanation is that an exchange is holding it for their liquidity,” Dizon stated.

(With insights from Cointelegraph)

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