You need to stake more SPS
In the past two weeks, there have been a couple of Splinterlands proposals geared towards making certain changes in the game. The approval of these proposals is dependent on the Splinterlands community and your SPS stake is your vote.
As much as SPS is just another token in a sea of tokens in crypto land, it is also important to note that it was designed to be a governance token. So, in some way, these proposals are actualizing the dream purpose of SPS token.
The general state of the crypto market has been a major talking point in recent times and with things not looking like changing for the better any time soon, I reckon we should all just be braced for a period of sideways and maybe some downward movement.
We're currently sitting on knife edge that is leaning more to the red zone and the news coming out of the general market seems quite bearish. Events like the "beef" between Binance and FTX, for example, have the potential of pushing the market into further turmoil and that could spell even more bleeding in the price of SPS.
As I said in a previous paragraph, SPS token is just another token in the market and hlders are most likely going to experience pain. Obviously, you only lose when you sell and selling now doesn't really make any sense.
Earning from inflation
In fact, I think we're firmly in buy the dip territory and frankly speaking, there's really no reason to rush into buying SPS now because we're going to be in this territory for a while. However, it is also important to point out that while selling is a bad idea, buying makes more sense but if you're low on funds, just stake the SPS tokens you have to earn more.
SPS token has a hard capped inflation schedule, so the sooner you start farming the token, the better. There are whales with validator licenses and others holding millions of SPS tokens farming the shit out of the token, so you need to get it while you can.
At the time of writing, you can stake SPS token in the game to earn around 28% APR from your assets, and overall, that's fair value in a bear market. You earn the aforementioned 28% APR in SPS tokens that you can compound to earn even more SPS.
If you're a SPlinterlands player looking to upgrade your deck, you can just stake SPS and then use the proceeds to upgrade your deck. You could outrightly just buy Rift Watcher Gems or swap for DEC or credits and buy monsters off the market.
Alternatively, if you stake enough SPS, you could even turn the token into your source of sustenance. In a cheap enough country, your earnings from staking SPS could be enough to cover your basic needs.
All I'm saying is that considering the earning potential, and governance purpose, this is the best time to stake SPS tokens. In these bearish times, having a sustainable source of income from your crypto assets could save you from a world of pain and also bring a lot more value in the future when things turn for the better.
Posted Using LeoFinance Beta