- The mystery of the whale wallet that amasses 50% of the total supply of the in-game token of Axie Infinity, Smooth Love Potion, remains unclear.
- The massive whale wallet is not owned by Axie Infinity or the firm behind the most popular P2E game, Sky Mavis.
- Michael Benko was the first one who brought this whale wallet to attention on August 25.
Were you aware of the fact that a single massive whale wallet holds more than 50% of the circulating supply of the Smooth Love Potion token? Well, the Smooth Love Potion token is the in-game cryptocurrency of the famous Play-to-Earn game, Axie Infinity.
The mysterious wallet, which was brought to everyone’s attention by Michael Benko, a player and tech Co-Founder of Axie Infinity, has been silently accumulating SLP tokens worth billions of dollars for around a year now.
At the time of writing this article, the anonymous whale wallet is holding a bit more than 20 billion Smooth Love Potion, which surpasses even half of the total circulating supply of the token.
Benko showed his concerns over the whale wallet amassing SLP tokens at this rate, as because of so many SLP tokens gathered in a single wallet, there are increased chances of havoc on the ecosystem of the game.
He released a statement addressing the fact that in case the holder is a single individual, then this will give the person a significant amount of control over the game’s economy. The SLP token is earned by the Axie Infinity players for accomplishing the daily missions and fighting with other players in the game in the Arena mode or Adventure mode.
In accordance with the latest season update of the game, an average player can generate around 10 to 70 SLP per day. Hence, it emerges as a notable concern when an individual holds 22 billion SLP in his wallet as he carries the power to manipulate the price of the token.
As per the statement released by the Co-Founder and COO of Sky Mavis, Aleksander Larson, neither Axie Infinity nor Sky Mavis holds any of the game’s cryptocurrency. Instead, he mentioned that players create all the tokens that are in existence today.
In addition, Gabby Dizon, the Co-Founder of Yield Guild Games, one of the major DAOs for Axie players, revealed that YGG is not responsible for owning the wallet.