Prices for Smooth Love Potion (SLP) and Axie Infinity (AXS) coins surged on Thursday following a recent announcement that Katana, the Ronin Decentralized Exchange (DEX), has gone live.
SLP Price Skyrockets Nearly 50% with 24-hour Trading Volume of $3.5B
Based on live data from CoinMarketCap at the time of writing, SLP price skyrocketed 49.39 percent on Thursday, reaching $0.100906 with a 24-hour trading volume of about $3.5 billion. Market cap is pegged at $248 million with a circulating supply of 2,458,386,340 SLP coins,
AXS, meanwhile, also surged 2.4 percent on Thursday, trading at $146.55, with a 24-hour trading volume of about $1.85 billion, CoinGecko's live tracker indicated. Market cap is around $9.425 billion, with a circulating supply of 64,301,273 coins.
These coins are earned while playing the Axie Infinity game and are used to breed Axies.
Aside from the announcement, another big factor led to the soaring SLP and AXS prices, Crypto Potato emphasized in a post. This is the growing play-to-earn ecosystem made possible by the Facebook rebranding to Meta that pushes the building of a metaverse.
Katana DEX allows Axie Infinity players to seamlessly and easily trade their AXS crypto tokens.
Katana went live on Thursday that would let players trade their AXS and SLP tokens to Wrapped ETH (WETH) or the ERC-20 compatible version of Ethereum, and USD Coin (USDC) tokens, a ClutchPoints report added. The Ronin DEX will allow players to exchange their AXS-based assets to other crypto coins in the ecosystem by simply using their browser and paying minimal fees.
As such, using third-party exchanges, such as Binance, will not be necessary for SLP or AXS transactions. Katana's rationale is keeping the Axie Infinity ecosystem sustainable by offering a decentralized exchange, wherein the asset liquidity is offered by the community that uses the AXS or SLP tokens.
Katana DEX also provides a new crypto coin called RON, the Ronin blockchain's token, which is capped at 1 billion units. RON will be utilized to pay gas charges and secure the gaming network for Axis Infinity and other Sky Mavis titles on the RON platform.
Sky Mavis will give out RON tokens to users who will contribute to Katana's liquidity pool. Around 10 percent of total RON supply will be provided to liquidity contributors who stake their AXS/ETH and SLP/ETH.
At present, users can deposit liquidity and exchange tokens, while the RON rewards will be given to the AXS/ETH and SLP/ETH pools later this week, Axie Infinity said in a tweet.
Today, we take one step closer to a more prosperous future for our nation ✨
— Axie Infinity (@AxieInfinity) November 4, 2021
Katana, the Ronin Dex, is live!
You can now deposit liquidity and swap tokens. RON rewards will be activated for the AXS/ETH & SLP/ETH pools later this week.
Full article 👇https://t.co/4vD5PLp4F5 pic.twitter.com/QXmEs5YfOj
Katana DEX to Offer Improvements, Boost Axie Infinity Liquidity
Axie Infinity emphasized that Katana will create many enhancements within its ecosystem, Investing.com noted in a report. Katana, it added, will make Axie Infinity easier to use and less expensive. This development, Axie Infinity highglighted, will lessen the dependency on other exchanges by offering the largest exchange for its assets.
But the main purpose of Katana is to boost liquidity for the tokens traded within the Axie Infinity ecosystem.
