Splinterlands has been facing a lot of challenges in the last period. The in game token SPS just seems to keep dropping in price and so does the other assets that is putting all the community on test. There are few DAO proposals about funding these days that are also in the spot of the debate.
The SPS token was launched at the end of July 2021 in the midst of the bull market. Initially it did well, but as the time progressed the token price continued to depreciate and facing more and more challenges. There were tweaks in the supply emission as initially it was airdropped then continued to be issued as reward, but at the same time there were burring mechanics.
Here we will be looking at:
- SPS supply
- Staked SPS
- Liquid vs staked
- SPS distribution
- Top accounts that staked SPS
- SPS Price and Market cap
The period that we will be looking at is July 2021 till July 2024.
Supply
How is the supply going? Here is the chart.
We can notice the sharp steps first. This is when tokens are unlocked on a monthly basis. Since February 2022, there is a daily issuance of the token happening on the BSC chain.
Overall, we can see that the number of new tokens entering the supply has decreased and there have been some burnings. The light color on the chart.
The current supply is close to 1.5B SPS, and plus 123M burned, meaningr more than half of the planned distribution has been issued. The max cap for the token supply is 3B, but since more than 100M was burned it is now at 2.87B. Another important thing to note here is that the DAO now holds SPS tokens as well.
Daily Issued SPS Tokens
Here is the chart for the issued tokens per day.
As we can see at first there was around 2.3M tokens issued daily, then it dropped, most significantly back in July 2022, when the airdrop ended to around 830k, and it has dropped again to 620k.
It seems that lately there was an increase in the issuance of the SPS token supply. Not sure what happened here, but the issuance has increased.
Disclaimer that this data has been pulled from the BSC chain, and I’m not sure does it exactly matches the in-game records for the SPS token. I have also made some small adjustments.
Staking
What about staking? Are players staking some SPS? Here is the chart for daily net staked. Positive bar means more staked in the day, negative more unstacked.
This is the overall staked and unstaked daily SPS.
As we can see there has been some unstaking in the beginning of 2024, but some more staking lately as well.
When we plot the chart on a monthly level we get this:
A clearer representation here, where we can notice that most of the months have net positive SPS staked, with only four months in the negative. There was a lot of unstaking happening just in August 2023, and again in the first three months of 2024. In the last months there is some more staking happening.
When we plot liquid vs staked tokens we get this.
An overall uptrend in the staking with some bumps on the way. The recent drop in the period of January to March 2024 is clearly visible and a recent uptrend again. Meanwhile the supply has also increased.
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 75% at one point. A corrections since then in the last months and we are now just above 50% staked.
The pie for the staked vs liquid tokens at the moment looks like this:
This chart shows all the tokens that have been issued until now, including the burned.
More than 50% staked and 33% liquid. The DAO has around 8%, and the same amount from the issued tokens have been burned.
Top Accounts that Staked SPS
Who is staking the most?
@cryptoeater is on the top now with close to 40M staked SPS now. @vugtis is on the second spot with 26M staked SPS. @bravetofu on the third spot.
SPS Price
At the end the price chart.
Quite the drop in the SPS price and it has been reaching new all time lows recently to bellow one cent of 0.006 USD. So if you wanted to get some SPS there is no better time from now. Of course not a financial advice.
All the best
@dalz