I have been staking SPS tokens in the game for as long as I can remember, squeezing out a decent chunk of profit from the previously high APR. Alas, these days, that APR has been chipped away and nowadays, it is just around 23%.
Now I know the use of SPS token in Splinterlands but lately, it has felt like interest in the token has diminished. There seems to be a lot of dumping going on.
Even when the market goes mildly green, SPS token doesn't respond kindly to it. It has been a rather frustrating market cycle for the token, I must say and I don't see an end to it in sight.
The last time I checked the market, SPS token was trading around 2.8 cents and things haven't really changed since then. The token has held pretty firmly to this price range and without something dramatic, I don't see that changing.
Many pundits predicted that GLX token will trade at about the same price range with SPS token. However at this time, it has been anything but that.
GLX has hovered between 3.5-4 cents in the past couple of weeks. It has been a rather predictable trading pattern that would be a scalpers dream.
I'm not much of a trader, so I've mostly been staking and earning with GLX. The price of the token is quite favourable and despite the constantly dropping APR, I've been earning around $5 per day from the asset.
Most of the GLX I earn either gets staked or moved into buying packs. At the time of writing, I'm already up to 64 GLG packs staked and there's most likely more to come.
It started out like a joke but I'm actually slowly making my way up to reaching 100 GLG packs. My next purchase later today will push me to at least 74 packs staked and that in turn means more GLX minting with the packs.
SPS, on the other hand, has been rather underwhelming and I've not been able to do much with the tokens I earn. This has led me to consider completely moving away from SPS staking, as that value, no matter how small, will be able to do more if I send it to GLX side of things.
For what it's worth, I expect the price of GLX token to drop significantly as time goes on. I believe the sky high APR is a major factor behind the current price of the token. When the APR drops to around 50%, we the token will experience a mild dramatic drop to SPS rate.
Until the GLX staking APR drops, I will be moving my SPS staking activities to SPS and then watch the market to see where it goes.
