|

Axie Infinity launches new DEX propelling in-game reward token SLP to the moon

  • Axie Infinity has announced the launch of its decentralized exchange Katana on the Ronin blockchain. 
  • The announcement triggered a rally in Axie Infinity in-game reward token Smooth Love Potion. 
  • Users can add liquidity to the AXS/ETH and SLP/ETH pools to earn rewards in RON, the native token of Ronin. 

Axie Infinity, the NFT play-to-earn game, has launched a new decentralized exchange in its ecosystem. The game’s reward token SLP posted nearly 100% gains in response to the announcement before retracing to $0.10. 

Axie Infinity launches its decentralized exchange Katana DEX

NFT-based video game Axie Infinity announced the launch of its decentralized exchange, Katana. The announcement triggered a rally in reward token Smooth Love Potion, SLP posted over 100% gains in the past 24 hours. The game’s reward token made a comeback after the drop in price in September 2021. 

The SLP token can be used to breed new Axies in the Axie Infinity game. SLP is an ERC-20 utility token compliant with the Ethereum network. SLP can be earned as rewards by Axie Infinity players through battle or adventure mode. SLP can be used to breed new digital pets, known as Axies. It was formerly known as Small Love Potion.

The decentralized exchange Katana was built to reduce the reliance on Axie Infinity and offer liquidity for the ecosystem’s tokens. Katana will act as a liquidity provider once users deposit both sides of a trading pair’s assets into its liquidity pools. 

Interestingly, Axie Infinity’s governance token AXS has posted nearly 25% gains over the past two weeks. AXS hit an all-time high of $162.24 a week ago, and SLP price is climbing towards its all-time high of $0.39. 

Since its launch, Axie Infinity became one of the most popular NFT games in the ecosystem, generating over $2.8 billion worth of NFT trade volume. 

Cryptocurrency YouTuber “Crypto King” analyzed the trade volume and on-chain activity of AXS and SLP. Crypto King has set a target of $0.45 for SLP tokens based on the updates in the Axie Infinity ecosystem. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Grass 20% bullish breakout defies broader market weakness

Grass (GRASS) is edging up above $0.30 at the time of writing on Monday. The token’s notable 20% intraday surge stands out amid heightened volatility in the broader crypto market.

XRP slides as US-Iran war weakens sentiment

Ripple remains under pressure, trading around $1.35 at the time of writing on Monday. The remittance token extended its down leg to $1.27 on Saturday after the US, in collaboration with Israel, launched attacks on Iran, killing the nation’s Supreme Leader, Ali Khamenei.

Crypto Today: Bitcoin pares losses, Ethereum and XRP drift lower as Middle East conflict pressures risk assets

Bitcoin, Ethereum and Ripple remain on edge as the Israel-US war on Iran risk-off sentiment. The Crypto King trades above $66,000 at the time of writing on Monday, but is struggling to break through the seller congestion around $67,000.

Bitcoin on brink of breakdown amid US-Iran war

Bitcoin (BTC) remains under pressure near the key support level of $65,700. Trading at $66,400 at the time of writing on Monday, a breakdown below this critical level would suggest a deeper correction ahead.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: Another month of losses, and it’s been five

Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.