Splinterlands | 50k Staked SPS Goal Reached !!!
I easily am able to let myself get carried away when it comes down to accumulating Crypto assets that one way or another give some passive income. After taking some initial Profit in the SPS I was getting from the daily Airdrop, I switched to staking it every day when the price started to go down. 50k SPS is somewhat of an arbitrary number but that is what I went for. 221 days into the Airdrop I have now reached my goal today.
SPS Expectations
It's easy to understand why SPS dropped so much in value as everyone who has assets is getting SPS airdropped each day in quite a generous way which brings less incentive to buy and more holders that are selling.
Looking at the chart, things now seem to have hit a flat line indicating a potential bottom. (which doesn't mean it can go a lot lower). The use-case right now is also somewhat limited in 20k Vouchers that are dropped to SPS Holders each day who now need to be used to get bonus packs on bulk purchases and will be part of future sales giving part of the value to SPS holders. There are staking rewards (+29.9% APY now) that come from inflation so it fully gets countered by supply that increases adding some selling pressure. More utility for SPS will also be introduced which means players will need to have a certain amount staked in the future for certain perks.
Right now, there is a total supply of 600 Million SPS (74 Million Market Cap) which will increase to 3 Billion (370 Million Fully Diluted) eventually as more SPS gets airdropped, unlocked, rewarded. It's really hard to put an exact value on what exactly it should be worth and a lot will depend on the eventual utility, how many new players come into the ecosystem and if SPS also will be the main token of future projects of the team.
All I know is that right now the price is quite beaten up while it now and in the future will provide passive returns. I'm personally have been taking profit on the Vouchers getting a lot ouf of it already and I'm am aiming to just keep the 50k Staked SPS in place for a long time to come. I'm not sure yet what I will do with the SPS I get above what I have now but I don't really feel like selling at these prices so I might just continue accumulating more to take some profit in case there is a pump at some point.
Conclusion
If you are getting SPS from the airdrop, I would say that at the current prices it's probably not a bad idea to keep it and stake it daily at least if you are planning to play Splinterlands for some time to come. As a general accumulation zone it might also not be a bad range especially sine you are able to get passive income when you stake your SPS from Staking Rewards (+29.9%) and from daily Voucher airdrops which easily can be sold on the market. Where it all will go I have no clue as it depends on a lot of uncertain factors so your guess is as good as mine in that regard. The devs have shown to be determined to give SPS good value and usecase and based on what they have delivered so far with the game. SPS for me is just part of a diversified Crypto Portfolio and I'm fine regardless what direction the price takes. Given the fact that there is quite some selling pressure, I don't expect the price to skyrocket in the short term but I do like the value proposition long-term.
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