It is important to note that this whale wallet is not owned by Axie Infinity or the company behind it, Sky Mavis.
Play-to-earn games (P2E) are the most popular crypto games today, and a mysterious wallet has quietly built up billions of Axie Infinity‘s Smooth Love Potion (SLP) over the past year.
More than 50% of the total circulating supply of SLP is held in the anonymous whale wallet today.
Neither the owner nor the intentions of its owner are known. By selling a large portion of their holdings, they could tank the price of SLP.
Smooth Love Potion
The Axie Infinity game was launched in 2021 and allows players to breed cartoon creatures and fight other players in turn-based battles.
In the “Arena” mode, players can battle other players or face AI in the “Adventure” mode to earn SLP. You can use SLP to breed Axies, craft in-game runes and charms (power-ups), and sell them on exchanges.
So far, there have been no conclusive explanations for the wallet’s existence.
According to Sky Mavis co-founder and COO Aleksander Larson, neither Sky Mavis nor Axie Infinity hold any cryptocurrency related to the game.
*Update 01 September 2022: Axie Infinity’s wallet holding over 22 billion Smooth Love Potion (SLP) tokens has been identified as a Binance address after much speculation.