In a move that aims to serve the growing market for Axie Infinity in the Philippines, Binance has announced the launch of the SLP-PHP Trading pair in its P2P market. This allows buyers to directly negotiate their SLP over PHP and vice versa. SLP is the cryptocurrency obtained by winning battles in the NFT Axie Infinity game.
How to sell SLP to PHP using Binance P2P
steps below detail the procedures from syncing in-game SLP to collecting PHP.
1) In the Axie Infinity account dashboard, sync your SLP.
2) Go to https://bridge.axieinfinity.com and transfer your SLP from Ronin to MetaMask.
3) Transfer MetaMask SLP to your Binance SLP address. This will put the SLP in Binance’s Spot wallet.
4) From Spot Wallet, transfer the SLP to your P2P wallet
5) On the P2P Marketplace, find an SLP buyer. Take a look at buyer reviews to make sure you get the best price and rates.
6) Once you agree to the terms and fees, the buyer will transfer the payment to their account and then Binance will transfer the SLP to the buyer.
Notable Refund Options for SLP in the Philippines
Below are the usual settlement options not only for the sale of SLP, but also for the sale of crypto on the P2P platform:
Binance P2P enabled SLP-PHP pair would enable and “enable [the creation] of an ecosystem of small merchants to empower and help serve the growing Axie Infinity community in the Philippines,” said Colin Goltra, Head of Southeast Asia at Binance, in an email.
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“It will also allow Axie users to more easily exit SLP directly to PHP payment methods,” said Colin.
SLP use case
In the Axie Infinity ecosystem, SLP (along with AXS, the game’s governance symbol) is needed to spawn new Axies. amount of SLP required depends on the spawn count of the Axies that are breeding, so between 300 SLP and 6,300 SLP will be needed to breed new Axies. current demand for Axies has also increased the demand for SLP and AXS, catapulting their price higher. AXS has reached $ 29 in recent weeks, while SLP has also reached $ 0.40.
This week, the Axie protocol generated more fees than Ethereum and Bitcoin from:
- A market rate of 4.25% • Reproduction rates
Gamer-owned digital economies will continue to shock the world. $ Axes pic.twitter.com/LOZSLU71yp
– O Jiho (@Jihoz_Axie) July 15, 2021
Axie phenomenon in the Philippines
latest data from Axie Infinity says that around 500,000 now play daily and that 10% of those users are from the Philippines. According to Luis Buenaventura, co-founder of BloomX, the Filipinos who play Axie Infinity and have raised around 2 billion pesos sent back to the Philippines. That’s at the price of Php 2 per SLP last month. A Yield Guild Games documentary has been released to investigate the Axie phenomenon in Cabanatuan, where a group of gamers made a living and resisted the pandemic by playing games. (BItPinas interviewed the stars of the documentary and asked how their lives have changed since playing Axie Infinity.)
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According to Luis column on Cryptoday:
“To put this in perspective: 2 billion pesos is the average amount of remittances that ALL OFW living in Hong Kong send home to the Philippines each month. But there are 800,000 of them stationed there. And I don’t even begin to exploit their living conditions. Meanwhile, these Axie players play from their own rooms 3-4 hours a day and make 4 times as much (not to mention spending their money here, strengthening the local economy).
SLP is worth PHP 14 at the time of writing this article.
This article is published on BitPinas: You can now directly switch SLP to PHP on Binance P2P