Every Splinterlands player knows that having SPS in stake is important for several reasons, but not everyone manages to stake it and end up renting SPS from other players. But what happens when there are no more SPS available for rent? That's exactly what we're going to analyze, because it seems that this week SPS rentals have been more difficult, with some rental requests remaining unfilled for up to a week. Come and find out more about this and the possible reasons that may have caused the lack of SPS available for rent!
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[ENGLISH VERSION]
SPS Rents are getting more difficult!
During this week, I was checking the guild chat during my Brawl Stars matches when I came across a comment from one of the guild members I'm in that caught my attention. It was a simple comment saying that "the demand for SPS these days is making renting difficult," which quickly turned out to be a great insight.
Curious about what the guild member commented, I decided to check if the situation was as he mentioned and to my surprise it seemed to be even worse. There are two ways to get to where it is possible to check this information, the first way to get information about the SPS rental situation is to go to the SPS tab, then go down and click on the "Manage" option, which then opens the SPS Delegation page with the options including the SPS Market.
This is how I usually do it, but there's an even simpler way to access this page: through the game's top menu, clicking on Market, then on the "SPS Rentals" option, which will redirect you to the SPS Market page. On this SPL Delegation - Market page, in the Other Bids tab at the bottom, you can see the bids made by other players that haven't yet been filled by those who have SPS and are interested. Normally, this page has few bids because they tend to be filled in 1 to 2 days, but it seems that this isn't happening.
The Bids page, with players requesting SPLs to rent, is full. Several requests have been pending for over 4 days, others for 5 days, or even 6 days. We are talking about almost a week of waiting, and these requests are not being completed. There is no indication that this number will decrease. The demand for SPS rentals is very high, as the guild member mentioned, and the supply is very low. SPS holders in Stake seem unwilling to rent, or don't see the advantage in renting for 0.001 DEC per SPS and getting a 3.25% APR. Now that the issue has been identified, let's try to understand the reasons that might be leading to this.
DEC Drop
One of the factors that may have led to the decrease in the supply of SPS for rent was the drop in the value of DEC. Previously, DEC was around $0.8 to $1 per 1000 DEC, now it is close to the range of $0.50 to $0.60. This ended up making the yield from renting SPS, which is 0.001 DEC per SPS rented, unviable for those who rent in terms of Risk vs. Return. SPS holders may be looking to use their SPS for something other than renting it out.
New Collection Coming Soon!
In this sense, one of the possible uses that SPS owners may be planning to make could be related to the New Collection. Perhaps not everyone knows, but proposal 236 “Hire SMC To Create a New Mini-Set” was approved some time ago, in which the Splinterlands team will be responsible for creating the new collection, which will be a mini-set, I believe still by the end of this year, 2025, and one of the differences is that it will be used to buy the Packs, the SPS, at a fixed value above the current one.
Thus, many players already thinking about this new mini-set may be withdrawing SPS from their stake and leaving their net SPS, resulting in a lower supply of SPS available for rent by other players. This edition is planned for release next month, and in it, the SPS will have a value of more than $0.01 accepted by the team for the pack price, whereas currently the SPS is trading at around $0.006.
SPS in Stake vs. SPS in Circulation
To provide some context for the idea that we have less SPS in Stake and much more net SPS, the SPS distribution data shows that there is much more SPS in circulation than necessarily in Stake. Thus, the supply is low compared to the demand, which is equal to or greater than before. With this in mind, are we experiencing a shortage of SPS available for lease?
