Cryptocurrency exchange platform Philippine Digital Asset Exchange (PDAX) has made Axie currency SLP and AXS wallets compatible with Axie Infinity’s Ronin Network. Filipinos can now transfer their SLP or AXS to PDAX and convert their in-game winnings to Philippine peso, without having to pay P2,000-P4,000 in Ethereum gas fees.
By using the Ronin Network, players can now transfer their AXS/SLP to Ethereum wallets, which reduces a lot of cost.
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.
“With this integration, Filipino gamers get to keep more of their hard-earned rewards,” said Nichel Gaba, CEO, PDAX. “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.
The blockchain-based online video game Axie Infinity accounts for an estimated 40% of the game’s total players. A constant challenge, however, is cashing out of SLP/AXS to the Philippine peso. 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.
PDAX was established and licensed by the Bangko Sentral ng Pilipinas in 2018 and officially launched in the Philippine market in 2019.