Splinterlands | 100k Staked SPS Goal Reached !!
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
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.
Current Progress
| Date | SPS Staked | % Complete |
|---|---|---|
| 16/09/2022 | 80367 SPS | 80% |
| 12/11/2022 | 100000 SPS | 100% |
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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Posted Using LeoFinance Beta
💪🏻 100k SPS is a very impressive stake! Congratulations. I am still working on the 10k, which will take still a few months…
good luck reaching your 10k SPS!
Congrats. I'm going for the same thing. I actually got to 100k on the last day of the airdrop but I cashed out a bit and now I'm at 85k and pushing.
I've been trading most of my GLX staking rewards for SPS. Added about 1000 since yesterday. GLX is crazy right now.
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Nice, I also took some profit early on near the start of the airdrop. The low supply and crazy staking rewards early on always tend to push the price up to insane levels similar to GLX now.
This is a great achievement. I wish I also reach the goal soon.
Good Luck Getting there!
I would say most likely even lower prices are coming to accumulate.
Thats tremendous @costanza - well done on the massive achievement!
What is your long-term take on GLS? I have been staking mine at the moment.
I'm not sure about GLS / GLX and I see it as rather unlikely that it will be a success straight away without some major hurdles to overcome. The fact that the game will start at a premium cost keeps me away. At least with Splinterlands, it was possible to get really cheap early on and ride the growth of the ecosystem. I have 1000 GLX staked and will sell what I earn daily keeping it in Hive on the side. The moment the price goes -90% or more, I likely will just buy back what I sold. As for the game itself, I guess delays are inevitable and when it comes out I will try it 100% with just rentals without making a crazy investment in game assets.
Thanks @costanza appreciate the insight. I have 500 staked, but I like the idea of staking half of everything I get every day and selling off the rest. I guess the allure of high staking APR is why the price is so high at the moment so wanna capitalise on that until it regresses to a more reasonable level.
Thanks for sharing! - @alokkumar121
