Timeline of the Decline
July 2021
$0.41
All-Time High - Peak euphoria
November 2021
$0.08
SLP emission rate far exceeds demand
January 2022
$0.01
Play-to-earn economics collapse
Current
$0.002
Post-collapse trading
What Went Wrong
-
Unsustainable Play-to-Earn Economics
SLP was minted faster than it was burned. The game couldn't generate enough revenue to support the millions of players farming tokens.
-
Scholarship Farms
Large operations hired workers to play 24/7, creating hyperinflation of SLP supply while extracting value from the ecosystem.
-
NFT Floor Price Collapse
When Axie NFT values crashed, new players couldn't afford entry, reducing demand for SLP while supply kept growing.