MANILA, PHILIPPINES — PDAX announced that beginning February 18th, Axie Infinity’s SLP and AXS currencies will be available on its platform.
Over the past year, Axie Infinity has become popular because it allowed Filipinos to earn through gaming. The game involved battling animated monsters called Axies, and rewarded players with the game’s currency—smooth love potion or SLP—which can be converted to pesos at exchange platforms. Players can also earn Axie Infinity Shards (AXS), the governance token for the Axie universe.
PDAX will also be making its SLP and AXS wallets compatible with Axie Infinity’s Ronin Network, which means Filipinos can readily transfer their SLP or AXS to PDAX and convert their in-game winnings to Philippine peso, without having to pay 2,000-4,000 php in Ethereum gas fees. PDAX is notably the first platform in the Philippines that has enabled wallets on the Ronin Network.
Ronin: Lower fees, bigger profit for scholars, and more
By using the Ronin Network, PDAX eliminates the need for players to transfer their AXS/SLP to Ethereum wallets, which reduces a lot of cost.
According to PDAX CEO Nichel Gaba, the exchange is focused on helping Filipino gamers get the most out of their in-game earnings. “With this integration, Filipino gamers get to keep more of their hard-earned rewards,” Gaba said. “We understand many gamers are also playing on behalf of managers, and so we’ve also offered ‘ScholarPay,’ which is a product that caters to those needs.”
The lower costs are especially good news given that Axie Infinity has become a means of livelihood for managers and “scholars”, players who play on behalf of managers.
More about Axie Infinity
The blockchain-based online video game Axie Infinity has become immensely popular in the Philippines, which accounts for an estimated 40% of the game’s total players. Many Filipinos used their earnings from the game to supplement lost income during the pandemic, with some going as far as using SLP earnings to purchase houses.
A constant challenge, however, is cashing out of SLP/AXS to Philippine peso. Thus, PDAX’s latest services solve very pertinent concerns. Through PDAX, Filipinos can convert other cryptocurrencies like Bitcoin, Ether, stablecoins – and now, AXS and SLP, to Philippine pesos and cash out in an instant to local banks or their e-wallets—at no extra gas fees and with no waiting time.
The new inclusion of SLP and AXS on PDAX and its compatibility with the Ronin sidechain comes just after that latest round of funding for the exchange. Just recently, PDAX raised more than $50 million in a funding round led by U.S. investment firm Tiger Global Management.