For almost a yr now, a mysterious Axie Infinity pockets has been quietly wonderful billions of Clean Love Potion (SLP), the in-game cryptocurrency powering one of many business’s hottest play-to-earn (P2E) crypto video games.

Immediately, the nameless whale pockets now holds a bit over 22 billion SLP — greater than 50% the entire circulating provide of the token.

the issue Nobody is aware of who it belongs to and what their intentions are.

The pockets in query was dropped at Cointelegraph’s consideration by Axie Infinity participant and tech co-founder Michael Benko, who first caught wind of this mysterious pockets on Aug. 25.

Ought to we be nervous?

Benko informed Cointelegraph he grew to become involved in regards to the pockets given the quantity of SLP it had gathered in a comparatively brief period of time, which may doubtlessly wreak havoc on the sport’s ecosystem.

“The importance of a pockets holding a lot SLP, if it is a person particular person, provides that particular person an enormous quantity of management over an economic system, particularly in an economic system the place it is so exhausting to mint a token.”

Launched in 2021, Axie Infinity is a blockchain-based recreation during which gamers buy NFTs of cartoon creatures which they breed and battle in opposition to different gamers in turn-based gameplay.

SLP is earned by gamers for finishing every day quests, battling different gamers within the “Enviornment” mode or taking part in in opposition to AI within the “Journey” mode. The SLP can be utilized for breeding Axies, crafting in-game runes and charms (power-ups), and could be offered on exchanges.

Benko famous that as per the most recent season replace, a median Axie Infinity participant can generate between 10 to 70 SLP per day, relying on how good they’re on the recreation.

“So it’s a concern, if somebody’s sitting there with 22 billion SLP […] they may actually preserve the value flat or preserve the value down when it truly ought to, by pure market circumstances, be going up.”

The cryptocurrency is at the moment priced at $0.004, down 99% from an all time excessive of $0.40 on Jul. 13, 2021, based on Coingecko.

Who owns it?

Theories explaining the existence of the pockets have solely led to dead-ends up to now.

Benko initially theorized that the pockets was “some system Axie Infinity needed to routinely distribute SLP to gamers who earned it.”

Nevertheless, Sky Mavis co-founder and COO Aleksander Larson informed Cointelegraph that neither Sky Mavis nor Axie Infinity maintain any of the sport’s cryptocurrency, stating:

“All tokens in existence have been created by gamers.”

Yield Guild Video games co-founder Gabby Dizon — one of many main DAOs for gamers of Axie — mentioned YGG did not personal the pockets and advised it might be a pockets utilized by an trade to carry liquid.

Associated: Axie Infinity trying to ‘double-down’ on Korean market: KBW

“Do not suppose that is ours as we sometimes use all of our minted SLP for breeding,” mentioned Dizon, including that “the almost certainly rationalization is that an trade is holding it for his or her liquidity.”

Benko nevertheless famous that whereas many SLP transactions noticed Binance as a sender or recipient for a lot of transactions, upon wanting on the transactions, he does not consider that it’s a pockets owned by the crypto trade.

“Binance appears to have an official pockets [already] and this does not appear to be that pockets.”

Cointelegraph reached out to Binance for remark however has not acquired a response on the time of writing.

If in case you have any theories on who’s behind the pockets contact felixng at cointelegraph.com

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