- Binance announced full integration with the Ronin wallet of the NFT video game, Axie Infinity.
- With this integration the deposits of both AXS and Smooth Love Potion (SLP) will be instantly enabled within Binance.
- This integration eliminates the high transaction fees of using the Ronin Bridge to MetaMask.
Yesterday the entire NFT gaming community celebrated the announcement of Binance, where it revealed that the world’s largest crypto exchange would have completed the integration from Ronin’s relatively new Sidechain to their platform.
With this, deposits from both AXS and Smooth Love Potion (SLP) will be instantly enabled within Binance, however, transfers from Binance to Ronin will be available tomorrow, September 4 at 7:00 p.m. from Mexico. In addition Upon sending and withdrawing SLP and AXS by Binance, it will continue to accept deposits and withdrawals from the ERC-20 and BSC networks.
Goodbye to transaction costs!
With this decision between the two parties, high transaction fees are eliminated from using the Ronin Bridge to MetaMask , which tended to be anywhere from $ 60 to even $ 500 per transaction.
Now, the rates are FREE!, the first 100 transactions from the Ronin wallet to Binance, and then reduced to a couple of cents, which is the average commission costs on the Binance Smart Chain (BSC).
On the other hand, although the transfers from Binance to Ronin from AXS, SLP and even Ethereum will be unknown until tomorrow at 7:00 p.m. Mexico City time, experts continue to count that these are equivalent to those of BSC.
Finally, the great beneficiaries are the Axie Infinity players, both the scholarship recipients and the managers, since the high transaction fees generated certain problems between the relationship between the parties that at the end of the day reduced the profits of the two parties.
It is worth noting that the news of the enablement of withdrawals and deposits in Binance did not take the crypto ecosystem by surprise since in mid-August the crypto exchange announced that it would have launched a bridge to move the AXS and the SLP between the Ethereum blockchain and the BSC.
As a result of the news, the price of the base cryptocurrency of the gaming economy, the SLP experienced a considerable price increase, or that took the Axie token from $ 0.1084 to $ 0.149, representing a growth of 38%, although again it descended. It is currently trading around $ 0.136.
However, experts hope that once the dust of the hype settles, the considerable reduction in high transaction costs will generate that those players who were accumulating large amounts of SLP so that the Ethereum fees would not consume their profits, liquidate part of SLP.
Although the same experts do not expect the majority of scholars and managers to do this, since the price of the SLP is “low”, the large amount of liquidated possibly accumulated SLP will generate a new price drop for the Smooth Love Potion.
How to transfer from Ronin to Binance?
If you play Axie Infinity and you have doubts about how to transfer your SLP from the wallet to Binance, here we have a guide on how to do it.
First of all, you must have a Binance accountIf you don’t have one, you can create it HERE. Once you are registered in Binance, it is necessary to go to the “Wallet” window, then in “Deposit” look for the cryptocurrency or token, in this case SLP. Then link to the Ronin network, as shown in the video.
As we can see, when clicking on the Ronin network, Binance gives us the following warning:
In this, Binance tells us that if we are transferring our SLPs from Ronin to Binance, the address provided by the exchange will not work. Why? Because there is than replace the prefix “0X” with “ronin:” (all lowercase and no space.
However, if we do the test of sending a Ronin SLP to Binance without replacing the prefix, the Axie Inifinity wallet will indicate the following error.
How do we solve it? As easy, but vital as deleting the 0x and replacing it with ronin:
In Bitcoin Mexico we have listened to our readers, about all those who are scholarship holders, who have reported a problem when transferring their SLPs, because when sending them the Ronin Wallet shows the notification that the limit has been reached of free transactions of the day.
For it, You just have to log in to the Axie Marketplace with the Ronin wallet and register the email, with this, the 100 free transfers will be enabled. This is safe to do for scholarship holders, as it does not break with the game’s blocking conditions.
Will Axie sideline Ethereum?
The entire Axie ecosystem is excited about this news, meanwhile the game continues to gain popularity around the world, especially in countries such as the Philippines, Venezuela, Argentina and Mexico.
In addition, it is still the NFT game that moves the most value daily and one of the most users has. But, it is also the largest NFT in the entire Ethereum network.
Although most of the ecosystem is excited by the news of the integration of Binance and Axie Infinity, few are talking that another great project of the Ethereum ecosystem is migrating to one of its competitors because of the problems that everyone already knows.
Although the foundation of Axie Infinity is still the Ethereum blockchain, its team of developers had to create a sidechain to bypass the problems of incredibly high fees and slow transaction times. Now, SLP shipments will not go through the Etheruem network.
Will the full migration to Binance Smart Chain from the Axies take place? Will the Ethereum developer team finally react? Or will massive migrations to other projects follow instead?
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