Axie Infinity | Withrawing SLP For The First Time
Two Weeks Later...
All right! The first 14 day of grinding is behind me now and it's time to claim those shiny SLP's earned from playing Axie Infinity. How did you feel on your first payout? Me, excited, of course!
If you've been playing the game or even just following the buzz at Axie Infinity, then you would know that the past week was "hellish" when the game encountered extreme server issues. It cost me a lot of sleepless nights that almost led me to psyche ward (exaggerating! or not) so it is just normal that I feel excited about this, right?
Given that this is a new platform for me to engage in wallet transactions, I really had to exercise extreme caution (as in any wallet transactions), watch/read tutorials, and even ask around people who had prior experience in withdrawing SLP. Vaguely, I know that it is backwards of what I did when I first funded the Metamask and Ronin wallets to be able to purchase our first team of Axies but executing it for the first time could be nerve-wracking given that the amount is not a joke alongside the network fees that would be incurred.
Thankfully, I have found a very active and enthusiastic bunch through the @axiebuzz discord server who eagerly answered some of my queries. @grenfunkel has published two very detailed tutorials on withdrawing SLP. If ever you feel lost as I did, these articles will surely help.
- Ronin Bridge: A Guide || Axie Infinity || SLP to Cash Part 1
- TRADING SLP TO CASH/CRYTO || Axie Infinity || SLP to Cash Part 2
Withdrawing SLP For The First Time
Following the above guide, below are some points to consider:
- After claiming your SLP, it will reflect in your Ronin Wallet.
- Do not attempt to transfer your SLP directly to Binance, or you risk losing your asset. Transfer SLP to your Metamask wallet first using the Ronin Bridge (complete tutorial above).
- Once you confirm SLP withdrawal from your Ronin wallet, that is already confirmed from the Ronin Chain and can no longer be cancelled. Unsure whether I was doing it correctly, I attempted to withdraw a smaller amount of SLP first. I ended up splitting the SLP's and paying 2x gas fees through Metamask.
- Ethereum gas fees could cost a lot. Be sure to check the gas fees here - https://axie.live/ - every now and to help you time your transactions better.
Converting SLP to Other Currencies
I want to convert my SLP into Ethereum. There are two suggested ways to do this:
- From Metamask, use Uniswap to convert SLP to ETH.
- From Metamask, send SLP to Binance and trade it there.
Again, gas fees contributed to my decision to send the SLP to my Binance account. At least, I will be able to find a better/profitable time to trade the assets, right?
Sending assets from Metamask to Binance, how difficult could that be? Well, it turned out to be a painful and costly process for me.
I only shared in the above a screenshot of three (3) failed SLP transactions, but I actually went through 5 failed transactions. Wew, I really hate transacting in Ethereum.
Regardless of choosing the highest gas fees, I still was slapped with failed transactions. The reason? "Out of Gas". WTH is that? Being that I very rarely transact in Ethereum network, I just thought that I was just playing chase with the changing gas fees. I shared this with my sister and the "researcher" in her quickly found the solution.
Apparently, I have to adjust the gas limit so that I can be sure that all the gas allotted for the transaction is not consumed before the transaction could complete.
- In https://etherscan.io/, check transactions to the wallet address to which you are sending.
- Find a transaction that shows "success". Below the transaction fee details, click on "Click to see More". Take note of the gas limit of this transaction. You can opt to check other successful transactions and have a fair idea of the gas limit sufficient to push the transaction through.
- Before sending the asset from your Metamask wallet, update the gas limit around these values. You can refer here for a guide on how to do this. Now, cross your fingers and send your assets.
Below is the complete article for your reference:
The article really helped me out and sending the SLP this time around went through successfully in a matter of seconds.
Charged to Experience
I would say that the withdrawal experience could be overwhelming, let alone costly. Then again, whoever said this will be easy? Now I charge this to experience and add Metamask and Ethereum badges to my crypto-CV. LOL.
More on My Axie Infinity Journey
Axie Infinity "Social Experiment" : The Crypto Virgins
Ten Days In Lunacia: Axie Infinity
Axie Infinity: Play To Earn Blockchain Game
This article would be my second contribution to the 🏆 Axie Buzz Content Creation Contest 🏆 Please check out the contest announcement to participate.
Axie Buzz is a growing community of Axie Infinity Enthusiasts dwelling on the Hive blockchain to earn by creating content about the game and participating in contests/giveaways. Be sure to join the Discord Server and follow them on Twitter and keep updated with the buzz!
Find me on Twitter: https://twitter.com/arrliinn. Discord handle: arrliinn#7743
Everything written in this article are from my own experience and personal observations and not in any way should be considered as any form of financial advice.