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 significance of a wallet holding so much SLP, if it’s an individual person, gives that person a huge amount of control over an economy, especially in an economy where it’s so hard to mint a token.”
Michael Benko told Cointelegraph
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.
Sky Mavis
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.