Axie Infinity – Who owns this address that accounts for over 55% of SLP resources? – CryptoNews

The cryptocurrency market is based on innovative and often quite simple rules. And among the latter, the principle of tokenomics allows you to determine the main directions of their distribution, as well as the total amount available in the long term (supply). Internal policy is determined at the time they are launched and in most cases cannot be changed afterwards. All this is connected with the logic of more or less efficient decentralization. But how to react when more than 50% of units in circulation are located at an unknown address? An issue currently being encountered by the Axie Infinity game with the Smooth Love Potion (SLP) token.

The current downturn recorded by the cryptocurrency market does not spare any project in this ecosystem. And at the same time, it allows investors who still have money to come in and make “sales” at unbeatable prices. At least for those who believe that returning to growth is just a matter of patience. And that the current period is just in order to position itself before this period.

Axie Infinity – Smooth Love Potion (SLP)

A situation encountered by Axie Infinity (AXS) with a Smooth Love Potion (SLP) reward token being distributed to players based on their performance. Because the latter currently points to $0.004 at the time of this writing. That is, the price divided by 100 since its all-time high just below the $0.40 level in July 2021. A period when the profits made allowed players to make a living from this simple activity. But that was before…

Axie Infinity Addresses up to 22 Billion SLPs

Because the bear market was there, as was the declining interest in the game to earn games of which Axie Infinity remains a historical symbol. To the point of forcing developers to rethink their copy in order to “rebalance economics” in the face of a real domestic crisis. As a result, the recent implementation of the “Origin” version should have made it possible to switch from the “Play to earn” version to the new “Play and earn” formula. A change that not everyone liked. And the economic model, which does not seem to avoid certain problems, such as the appearance of an address containing 22 billion SLPs, that is, more than 55% of the amount currently available (39.9 billion units). Ouch…

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The number is symbolic, because exceeding the mark of 50% in the cryptocurrency sector is never good. Indeed, this border allows, for example, a 51% attack on any blockchain. Or, as in this case, take control of the price of a cryptocurrency. Especially if it is not clear who owns these funds and what intentions are behind this centralization of power in the hands of one person (or person). And that’s when things get complicated…

Axie Infinity – who owns these 22 billion SLPs?

This problematic situation was revealed by a certain Mikhail Benko, a player of Axie Infinity. The latter, after seeing a Twitter post on July 25 about an address containing 22 billion SLP tokens. A mysterious wallet brought to the attention of one of the founders of the game, without further reaction from him. The reason why speculation quickly focused on the account owned by the game itself. This is done to reward players who are currently averaging between 10 and 70 SLP per day since the last update.

Problem ? This address does not belong to Axie Infinity, which does not have an SLP. Because, as Sky Mavis co-founder and COO Alexander Larson then explained, they are only generated automatically by players. But then whose are they?

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Therefore, the investigation turned to a cryptocurrency exchange platform such as Binance. The latter has the impact and volume needed to use enough tokens to provide SLP liquidity on its exchange. But another address, this time the official one, seems to already exist and be used for this purpose. Therefore, the track was rejected, leaving the question of the identity of the owner of these 22 billion SLP tokens pending. As well as the possible consequences, which can be catastrophic in case of malicious intent …

The gaming sector is one of the current strong trends in the cryptocurrency market. So, in order not to miss the emerging opportunities, register on the FTX platform. Plus, you get a lifetime discount on trading fees (trade link).

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