Splinterlands | 100k Staked SPS Goal Reached !!

By costanza | costanza | 12 Nov 2022

I managed to reach my goal of having 100k SPS staked in Splinterlands today, this is where I see things going and how I will proceed from here on out.

Goal Reached !

So I bought my final batch of SPS to get up to exactly 100k SPS Staked today reaching the goal I had set for myself. This will be my core long-term position that I intend to just hold for years to come. (unless the price really goes bonkers to the upside). I wrote about how I like SPS as a token that provides real yield similar to the gambling dapp coins SBET from sportbet.one and BFG from Betfury.io which I get nice weekly passive income from (See Latest Report)

SPS Price Action

SPS right now is trading around 0.042$ with a classic crypto "Burj Khalifa Chart" showing a crazy blow-off top where everything was highly overvalued. Things have cooled down a lot with a recent big drop because of the entire FTX situation.

The current fully diluted market cap is 124 Million dollars which still is quite a lot of money but by no means unrealistic as there is a lot of potential for growth and onboarding of new players left. This complete supply also will take 4+ years to be fully in circulation and a lot of SPS is bound to be burned or locked. I can see Riftwatcher packs being sold at one point in time (similar to how many of the cosmetic skins are by now sold out) and if the price of SPS is lower, more of it will be needed as it is calculated as 5 USD. The team also seems to be doing what is needed to get DEC toward the peg (recently using earnings from Runies to buy back DEC) so that the entire mechanism where SPS gets burned in order to create DEC kick into play further decreasing the supply of SPS.

On top of that, there will be more expansions in the future that will require SPS to be used as payments and players will also need to have SPS staked in order to be able to earn more of it along with more use cases that will come.

GLX 365-Day Airdrop

Having SPS staked also gives a daily airdrop for GLX tokens over at genesisleaguesports.com which already started and now also has staking which pumped the price up (way too high) because the yield is insane for now. With a total supply of 2 Billion tokens, it means at the current price that the market cap would be 480 Million for a game that isn't even build yet and could very much be a big flop.

People right now are buying GLX to stake and get crazy returns but the price is bound to go down a lot. Personally, I staked 1000 GLX that I received so far and am taking profit daily until the price comes down a lot. I'll probably put part of that profit aside to buy back what I sold later down the line.

Plans Going Forward

I would say that it is very unlikely that the 0.04$ price range is the exact bottom for SPS and I would not be surprised that it will go lower. I'm quite comfortable with this price however for the long run. I don't have any intentions to grow my stack any bigger unless it would be the case that there is another massive drop in price. from here on out, I plan to just unstake what I have earned monthly and reinvest it in other things inside and outside of the game.

The question remains why people should buy SPS especially since they earn in from playing. Right now the only real reasons are to use it to buy Riftwatchers packs, to get the GLX airdrop and also to get the vouchers which need to get a lot more usecase. In the future it will hopefully be needed to mint DEC if that price restores to the peg.

Conclusion

I'm pretty happy to have completed my goal of 100k SPS even if the price would go lower and I am ready to actually start earning a bit from the game and my investment right now. I do hope and anticipate for this to be a good investment that will increase in price over time while at the same time continuing to pay a real yield. I also trust the devs which is needed for an investment like this that they will continue to do what is best for the token and the entire ecosystem. At the same time, I realize that they can make sure funds go their way in case SPS would do too well.

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