The grind continues for Splinterlands. A lot of new things happened in the last period. Validators, new card edition, land card etc. But still the SPS token has been in a downtrend.
The SPS token was launched at the end of July 2021 in the midst of the bull market. Initially it did well, but as time progressed the token price continued to depreciate and face more and more challenges. There were tweaks in the supply emission as initially it was airdropped then continued to be issued as a reward, but at the same time there were burring mechanics.
Here we will be looking at:
The period that we will be looking at is July 2021 till now.
Supply
How is the supply going? Here is the chart.
We can see that at first the SPS supply grew at more rapid pace, but in the last few years it has been somewhat stagnat. That is a good thing from a token inflation standpoint, having in mind that the token is getting more scarce. In 2026 alone the token started with 1.545B and currently we are at 1.559B, or a close to just 1% increase in the supply for more than half a year or annualized around 2%. In 2025 the increase in the SPS supply was around 10%.
A big spike in May 2025 when there was a new set of cards released and the SPS burnt increased from 67M to 230M in a short period of time. A steady growth since then and we are now at 249M SPS burned.
Some ups and downs on the staked SPS in the recent period, hovering around 1B, meaning out of the circulating 1.5B around 1B is staked and 500M is liquid. Just to note that the max supply of SPS is 3B, out of which around 249M are burned so the real max supply now is at 2.75B.
A chart from the custom excel for this, and it looks like this:
We can see the unstaking in the beginning of 2024 when the total staked SPS dropped from 900M to 700M. Then it increased again sharply almost to 1.2B at the end of 2025 and dropped again at the beginning of 2026 and since then it has been hovering around 1B.
If we plot the staked vs liquid supply as a share we get the following chart:
We can see the sharp increase in the share of staked SPS in the beginning. The APR at the start was high and a lot of users were staking.
Towards the end of 2023 the share of the staked SPS increased again reaching 85% at one point. A correction in 2024 and in the last period the share of staked SPS has been around 70%. This is from the circulating SPS supply.
The pie for the SPS distribution at the moment looks like this:
This chart shows all the tokens that have been issued until now, but also the ones that are pending for issuance in the reward pool and the DAO.
Most notably is that there is now more than 8% of the total possible SPS supply burned.
Who is staking the most?
At the end the price chart.
Quite the drop in the SPS price from the highs in 2021 and 2022. In 2025 we can notice a spike from 0.006 to 0.014 but then back again. A second smaller spike in the beginning of 2026 and a drop since then.
You can find live data for the SPS token on a web I maintain: https://www.hbdstats.com/sps.html
p.s. I run a Splinterlands validator, feel free to support me:
https://peakmonsters.com/validators
All the best
