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Overview Of The Splinterlands SPS Token | Supply, Transfers, Staking and Top Accounts | Feb 2023

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Dalz
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How is the SPS token doing these days? It’s been a while since we have looked into it. The SPS token launched back in August 2021, during the heights of the bull market. At first the token appreciated in price and hit almost a dollar. But then the bear market come in, the inflation schedule kicked in and the price kept dropping.
In the first year, there was an airdrop for SL players, but that one ended in July 2022. The total supply for SPS is 3B and they will be issued in a period of 5.5 years after the launch. The airdrop is no more but new ways to issue the token are activated like the play to earn pool, the rewards for nodes operators, the rewards for liquidity providers etc.
More info about the token in the SPS whitepaper.

Here we will be looking at:

  • SPS Supply
  • Staked SPS
  • Top accounts that staked SPS
  • Overall supply, liquid vs staked
  • SPS transferred out of the game
  • Top accounts that transferred out SPS
  • SPS Price and Market cap

The period that we will be looking at is July 2021 till Feb 2023.

Supply

How is the supply doing? As we mentioned there has been change in the token distribution and inflation. The private token sale vesting period and the airdrop for asset holders ended. Meanwhile new ways to distribute the token were launched like rewards for battles won, liquidity providers and node operators. Burning mechanics were introduced as well. Here is the chart.

We can notice the sharp steps at first. This is when tokens were 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 are burnings that are happening now. The light color on the chart. The current near the one billion token supply, or one third of the planned distribution has been issued. Another important thing to note here is that the DAO now holds almost 80M SPS.

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 period August - September 2022, and since then there has been more staking. Back in September there were new sales that launched and were exclusive to buy with SPS. Users needed liquid SPS to buy those. Also, there are nice incentives for liquidity providers, so some tokens might end up there.

Note: the above is a net staking, meaning staked and unstaked SPS combined. The data is collected from the blockchain. There is no record of cancel unstake operation and I have made some manual adjustments for it. It’s not a 100% accurate data.

The liquid vs staked chart looks like this:

We can see the trend of unstaking back in 2022, and the growth since then. 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 quite high and a lot of users were staking. The maximum share of staked SPS was around 65%. Since then it has dropped, and has been hovering around the 50%.

The pie for the staked vs liquid tokens at the moment looks like this:

A 51% staked SPS at the moment! As seen from above, this share has been hovering around the 50% for a while now. An 8% in now in the DAO. This will probably grow in time, but it might go down as well, if there are large payments, as the proposal for listing that asks for 20M SPS.

Top Accounts That Staked SPS

Who is staking the most?

The @gosplinterland5 account is on the top here with 12M staked. @spswhale on the second spot, followed by @gameslayer.

An overall data for the top accounts that hold staked SPS can be find on this API.

SPS Transferred Out Of The Game

Here is the chart for the both, transfer to Hive and BSC on a monthly basis.

The orange bar is BSC and the white one Hive Engine.
We can notice that the high has been in September 2022 with almost 70M monthly volume for SPS transferred out of the game. December also had a high turn over with 60M, while January 2023 is at 35M.
Its interesting to see that the transfers to Hive Engine are now dominant than the BSC transfers.
Note that these are not NET transfers, there also transfer IN game, that are not included above

Top Accounts That Transferred Out SPS

Who is transferring out the most? Here is the chart for 2023.

The @toni.point account is on the top, followed by @cryptoeater. Toni is making arbitrage so this volume is mostly coming from trading.

SPS Price and Market Cap

At the end the price chart.

An overall downtrend for the token since the beginning of 2022, with a small recovery in the summer of 2022, and then a downtrend again to a recent lows at the end of 2022, when the SPS token was at two cents.
There has been a small recovery in the last months, and we are now almost at 3 cents.

The SPS token went trough an aggressive token issuance in the first year. Because of the aggressive increase in the supply, the market cap might be a better metric.
The market cap for SPS looks like this:

We can notice in the first half of 2022, the market cap has been around 60M with a drop to 40M in the summer and an increase back again. But starting from October it has really dropped and reached just a 20M market cap in December. A small recovery since then to 28M where we are now.

All the best @dalz

Posted Using LeoFinance Beta