Regardless of the game, the core has always been and will always remain the players. Without players, it doesn't matter how beautiful a game is, if the graphics are perfect, if it runs smoothly on all hardware and platforms. The purpose of any game is to provide entertainment in some way for a group of people, and this would be no different with Splinterlands.
It shouldn't be big news, but in recent years, all crypto projects, whether games or not, have struggled to attract users. After the boom and rise in BTC, subsequent increases haven't moved the market as much as before. Money and users are focused solely on Bitcoin and the major cryptocurrencies. In the past, when there was a rise in the price of BTC, it was like a tsunami; first the wave would raise the price of L1 and well-known cryptocurrencies, then it would move to secondary projects, including games.
The problem is that this is no longer happening; all liquidity is being absorbed by AI projects, which are the new great promise that the whole world is betting on. As a result, crypto projects that previously had substantial investments now depend almost exclusively on the remaining community. Many of these projects, given the overall market landscape, reach a point where they can no longer sustain development and end up shutting down.
Interestingly, although the number of players has decreased, the drop has not been proportional to the decrease in the token's price. When we look at the game's main token, which is used for in-game decision-making in the DAO, we notice that SPS is trading at a fraction of what it was months and years ago. Currently, one SPS token is worth $0.0036, which I believe may be the lowest value the token has ever reached. Compared to 3 months ago, this represents a drop of approximately 36%, while compared to 1 year ago, this drop almost doubles, reaching 61%.
However, even though the token is falling, and the global liquidity landscape is shifting towards AI projects, consequently decreasing liquidity in crypto projects, the number of players and overall activity within Splinterlands are not experiencing this significant decline when analyzing the data. Check it out!
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What is the player activity like in Splinterlands?
A great place to find data on Splinterlands activity is on the Peakmonsters Dashboard. The first indicator of activity within Splinterlands is the number of transactions, because it indicates how many processes are being executed within the game. You can see that even analyzing the 3-month graph, the number hasn't reduced by 30% like with the token; I believe it's remaining relatively stable at around 50,000 transactions, and that's in the current scenario.
Next, we can look more directly at the data related to the number of battles. This is quite interesting because you can see that there has been a slight increase. At the end of 2026 and the beginning of 2027, the numbers were below 50,000 battles per day, and now they are much closer to, and exceeding on some days, 50,000 battles. Another interesting point: the number of battles remained stable while the token price dropped...
Finally, nothing is more direct for analyzing player activity than the active player metric. If you analyze this metric carefully, you'll notice that a few months ago it reached peaks of 4500 players, but recently it's been around 3800 to 4000 active players. A significant drop, but one that shows the quality of Splinterlands: the community. Even with the token falling and the crypto landscape in decline, the core Splinterlands community remains present and participating in the game, battling and trading on marketplaces.
