Axie Infinity - Using $SLP to create $AXS passive income

I started playing Axie Infinity exactly half year ago, and I remember the first day of play was oddly satisfactory. The Axie joined Alien Worlds and Splinterlands in the list of Play2Earn games and transferred my pet training skills to the blockchain. I started slowly and I've been a stubborn douch as I refused to read any tutorial and figured out the battle mechanics by fighting.

When I started the rewards were bigger, as 50 SLP could be obtained for completing the three daily quests. There were no silly things like "spin the axie" or the number puzzle to prove you are human, and above everything ... no 800 ranking criteria to earn SLP.

I nearly played every day and I collected a nice stash of $SLP. I claimed 1369 tokens from the Axie game to the Ronin wallet in a quick and feeless manner. At the time of making the print screen, 1369 SLP were valued at 213 USD. My dilemma was ... what to do with the SLP?

This payout was a failure, as I wanted to cash out to Metamask and the gwei required to complete this transaction was $154. I decided to leave the transfer pending until gas fees will drop, as is no way to cancel the transaction. The 1368 SLP will probably wait in there for an eternity, as their value is to low to pay gas fee.

My Axie Personal Journey started in the summer of 2020 and I am still enjoying the game even if the rewards halved and the value of SLP crushed. I stopped doing the daily quest as I am afraid that my ranking will drop under 800 and I will stop earning SLP in Adventure Mode. 

The ranking update is not the only annoying thing they added to the game, as the puzzle check keeps locking me for 2 hours. The puzzle will appear on the screen and if the user will not select in the right order the numbers from 1 to 5 then will get locked due to being inactive. I play Axie while writing or playing Splinterlands and I often fail to notice the puzzle in due course.

But let's return to the main topic ... using $SLP to create $AXS passive income! I was directly affected by the MMR update and I couldn't earn SLP in adventure mode until the Arena season ended and the rankings were cleared. I gathered 2376 SLP before the update and I had to wait days before the  MMR was back to standard values.

I started earning again and at the end of December I decided to claim the bounty and see what options I have for SLP. AXS staking was the best opportunity and claimed all 4513 SLP. All the transactions were feeless, as they happened in the Ronin Wallet.

The transaction was quick, and the SLP was in my wallet in less than a minute. Now all I had to do is swap SLP for AXS and stake it, using Katana for the exchange. Has the first time using Ronin for anything else than logging on Axie Infinity.

Straight forward swap using Katana, exchanging 4513 SLP for 1.89 AXS. The transfer followed the route SLP - wETH - AXS and 27 SLP were paid as liquidity provider fee. The price impact was less than 0.01% and the fee was million times cheaper than on Ethereum Mainnet.

The next step was to stake $AXS in the pool, using the AXS Staking Dashboard. The price was $140, before the crypto crush started,  and the APR was at 114%. Sounds like a no-brainer ... stake AXS, forget about it and double the holdings in one year! 

Yes sir! Take my AXS and give me APR! I always preferer single staking instead of LPs, mainly to be indifferent to price fluctuation and LP volatility. One 1 AXS will always be 1 AXS while staking, and IL will not affect my stash.

As per 4th February, this is how my investment looks - 0.3455 AXS staking reward! The total AXS staked raised with 2 million and the estimated reward dropped by 15%, at 81% annual reward.

Re-staked the earnings and now I have 2.245 AXS earning residual income. The value of the staked assets is $109, a huge dip in value from what AXS was worth when I initially staked. I am still confident that Axie will recover and both tokens will start to gain value. Until then 1 AXS = 1 AXS!

My Axie Infinity Journey:

Axie Infinity - Killing the Slime Knight at Lunacia Ruin 21

Axie Infinity meets Bitcoin Cash on smartBCH: AxieBCH - Gaming Guild

Axie Infinity - One month of earning $SLP

The PVM you may not know - farmer, pet lover and Axie trainer!

Play 2 Earn - My 1st day playing Axie Infinity!

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