Are you looking to add some SPT Today during a dip? A Quick How To.

avatar of @methodofmad
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3 min read

I noticed today that SPT is trading at a 36% discount from yesterday. SPT is a second layer token from Splinterlands.

image.png Posting in www.Splintertalk.io and Splinterlands Community will result in SPT rewards. A second layer token is another token that is issued in addition to the Hive token when using a front-end interface (another website or application) that runs on the Hive Blockchain. For example, posting on Leo Finance results in Leo and Hive being issued to the author when the post is upvoted by others. So when I noticed the drop in SPT price today, I thought I would try to acquire some.

My first step is to move some Hive into Swap.Hive at Tribaldex. Tribaldex convert hive to swap.hive.png To do this, I go to Tribaldex and then to deposit. Deposit can be located by clicking on the wallet. I add 100 Hive and it cost me 0.75 Hive for a net of 99.250 swap.hive. My first choice is to exchange the swap.hive inside a pool for SPT. No SPT Diesel pool.png But alas, there is no Diesel Pool for the exchange of swap.hive to SPT. So, I cannot use a pool for this transaction. The alternative route is to buy the SPT in the Tribaldex exchange. I check to see how much spread, that's the difference in what someone is willing to sell and someone is willing to pay, is for SPT. spt spread.png In this case, the spread is pretty wide with sellers at 0.0015 (ASK) and buyers at 0.00951 (BID). The bigger the spread, the less interested buyers are in acquiring the token.
I have two choices at this point. I can buy at market price which is the ASK price, or I can place a limit order which will be near the BID price. Limit order.png I decided to enter a limit order that is slightly less than the top BID price. so I am attempting to buy 110,155 SPT at a price of 0.000901 which uses most of 99.25 Swap.hive. I feel that this is a good BID since I can look at the recent sell and buy that has occurred in the last few hours. tradehistory spt.png Notice that SPT has been sold at both the BID and ASK price, but more volume has occurred at the BID price. This tells me that sellers are more willing to sell cheap than buyers are willing to buy at expensive. I have entered my order and now I must wait to see if there will be any sellers willing to sell at my BID price. higherbidorder.png I notice pretty quickly that someone else has entered a BID of twice my size at a slightly higher price. This means that order (highlighted in yellow) will be filled before my order if anyone decides to sell at the BID price.
If the trade happens in the next 7 days, I will add the results in this post or in a comment.
So what's your procedure for acquiring second layer tokens and why? I like to have LEO and SPT staked because those are the communities where I post, vote and comment most often. By having the 2nd layer tokens staked, I earn SPT and LEO, just like I earn Hive on staked Hive, for my normal interactions. Also, if there is an easier or cheaper way than the procedure that I have outlined above, please let me know.

Posted Using LeoFinance Beta