Two Strategies for Your GLX Airdrop Right Now
For anyone not aware of it, there is a daily GLX airdrop happening for over two weeks now and lasting one year, for holders of staked SPS in their Splinterlands accounts.
The airdrop goes to your corresponding Genesis League Sports account. If you haven't linked your Splinterlands account where you have your SPS staked with your GLG account, to see and manage your airdropped tokens, you can do it from here. You need to use a real email address and validate it after you log in.
Afterwards, you will be able to manage your airdropped tokens from here (after you log in). This is my management page:
As you can see from the screenshot, staking is already an option. It has been activated 2 days ago, but rewards started being distributed yesterday.
And for staking GLX one receives both GLX rewards and GLGT rewards (the correspondent of vouchers from Splinterlands).
Right now, you can't do anything with the GLGT tokens, but they'll have their use cases, just like vouchers have in Splinterlands.
But with GLX, you have two options.
1. Stake and Compound
For anyone familiar with the beginning of the SPS airdrop, you understand staking and compounding GLX this early is a powerful option. I earned a lot of SPS back in the day using this strategy.
And, despite initially wanting to try the alternative I'll talk about below, I decided I want to go again with the same strategy that I know works.
The key is to do it often. Early and often. Since there are no fees, it works even better this way.
On the SPS airdrop, the team added some restrictions after a while, because too many accounts compounding too often drains their resources. I expect the same to happen on this platform soon enough. That's another reason to do it early, besides the incredible APR right now.
2. Sell High, Buy Back More Lower
Right now the price of GLX is pretty good for sellers on Hive-Engine. Higher than SPS! :)
That won't last. Now the demand is high and the offer low. As more GLX is distributed through the airdrop and staking rewards, some of them will go to the market. The more time passes, the higher the offer will be. That will obviously affect the price.
That's why a good strategy can be to sell your GLX now and buy it back later after the price likely drops significantly.
This isn't a strategy without risks, because the market is known to have strange behaviors when you least expect it.
Plus, there's always the balance you have to play with. How much of a price difference do you need to buy back more tokens than you can generate through staking? Very hard to calculate that, especially during these early days when nothing is settled.
If you are eligible for the GLX airdrop, how do you play this? What's your strategy?
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Started doing both right now...But it's cool to see this continue to add value to everyone that holds and stakes SPS. Makes me even more bullish!
!CTP
Yeah, if the price stays high, I might sell some myself. But mostly I just want to compound.
I have decided to go down to the second option, even before the staking started... I have decided to focus my gains on SPS and HIVE, and later on, when the GLX price goes down (and it will), buy them with earnings from SPS-HIVE diesel pool earnings... I know that the APR for GLX is crazy high at the moment and I could be at disadvantage with my strategy, but I will "own it" 😂
At the same time, your strategy may be the better one. I thought about that one too. I preferred the first one because I've done it before, successfully. There is one other thing that I like about GLX staking. It's one week for full unstaking.
Well, you don't have too many options for what to do with the token... I mean, it doesn't have the use-case (yet), and if you want to unstake it for selling, you will be probably late even if it is only a week... Price will fall much faster, but it's OK that it's 100% unstake in a week... We will see if that will change when the game launches...
Tbh. I didn't even bother with checking unstaking period, as I don't plan to unstake that small amount that I have staked (yes, I did stake something 😃)
Yeah, for now, it doesn't matter the unstake period. Later on, maybe it will. For example, if I want them in a diesel pool instead of staked when they are added. We'll see.
Since I'm not interested in GLG, I build this either to use it elsewhere during the bull market or in case they launch something that interests me.
This is a tricky one and like you said hard to calculate. I think I'm gonna time it somewhere in between: enjoyi the high APR while it lasts and at the same follow GLX price development hoping to hit the right spot with a sell...
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Yeah, but if you want to sell, you'll need to build some liquid GLX stash too, which will lower the APR.
True. I had forgotten that it takes one week to fully unlock.
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Yeah it's hard to know which to do.. I'm probably going the staking route and may buy if good offers appear on HE
You can think of this in two ways. For me, the price would be too high to buy, especially knowing that the price will most likely drop after the distribution grows.
Someone else may buy now at these prices because of the timing. Wanting to amass as many GLX tokens as possible early on, when the APR for staking is huge.
Yeah, I guess then it makes sense only.to sell
Unfortunately for me I have no SPS. Thanks for the valuable information
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As long as you focus on something else, that's ok. Not everyone has SPS.
My initial strategy was to do:
Then when I saw the APR I changed my mind and staked everything.
So we are both full stakers :) !LOL
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The first few days, maybe a week, depending on the choices of the people receiving the airdrop and staking rewards, the APR will remain incredible. Then it'll slowly go down. But these are the days when accumulation is impressive, even if it's a year-long airdrop.
GLS also made by Splinterlands?
Yes.
How do you transfer to Hive-Engine?
After you log in to GLS with the account you registered on GLG (and associated with your Splinterlands account), you go here and use the Transfer button, like in the screenshot from the post.
Let me know if you're stuck somewhere, this isn't a straightforward process.
Thank you. Got HIVE thanks to your post :) Otherwise I would have missed it.
Ah, so you figured it out. Lol, I should have read the comment below before answering the one above. That's a nice way to get some HIVE!
Just did a test sale of 24 GLX. Next time, I will be a buyer. 🤣
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Do you want to trade it or wait till the price goes much lower?
I already sold 24.416 for 0.85 SWAP.HIVE earlier and bought 5,000 DEC. As for buying, its current price is now 0.55. I think I will just observe and watch. It's good if the token will return to the market price I bought it two days ago at 0.195.
That's pretty nice trading! So, you keep it in DEC until you find another buying opportunity?
Yes and no. Yes, I will just leave a certain amount of SWAP.HIVE in my wallet while waiting for a more attractive price. As for the DEC, I intended to use it on the rental market and in upgrading my cards.
That's a good strategy because upgrading your cards will definitely help.
Yes, though my cards are only suitable for fighting on the Silver League, I already max out four cards up to Champion League: Exploding Rats, Lava Launcher, Twilight Basilisk, and Dhampir Infiltrator.
Hmmm, why did you do that? You should keep your cards maxed for the max league you reach (or the max level allowed by the summoner, whichever is the lowest) and rent out any excess cards until you are ready to move to a higher league or until you upgrade your summoner(s).
I need to increase my Collection Power to 70,000 and I want to take advantage of the current bargain prices of those cards. Until now, I am still not able to maximize the rental market. My priority is to reach 100,000 CP for Gold III League. Currently, after transferring all cards from my three other accounts, my CP now is at 82,480.
Just don't buy cards only for their CP. It seems the team is looking for ways to replace the CP requirement with something else. The first step is rewards based on card levels (for this your maxed cards help, even if you don't play them at max level).
Thanks!
Yes, I also stumble with that idea though I don't know about the details.
Well, as for CP, I have been used to buying cheap cards just to meet the requirements. Of course, battle utility is most important for me. So far, I find my cards strong enough up to Silver I. Gold II is more of 50/50. I am not sure if I can do it in Gold I. My immediate goal now is to add powerful Riftwatchers to my collection such as Mordeus, Runemancer Florre and Kye, Kain Hace, Agor and Coeurl.
I'll need to add some RW cards too after I finish with CL.
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I choose the second option. It just didn't seem like it was worth the risk and I am unsure if I will be playing the game right now. Maybe if I buy back in cheaper, I can also build a deck to play the game as well.
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One of the reasons why I didn't choose option two is that I would probably use the resulting SWAP.HIVE elsewhere instead of keeping it to buy back later.
But turns out the APR is incredible. I don't have any packs for GLG nor do I intend to buy any, so I'm building this stake either to use or sell much later. We'll see if I took a good decision or not.
Hey I came over from @ph1102's post! Haha! I decided to take the easy way out - just sell them. Still considering if I want to keep them as Hive or maybe convert them to SPS/DEC.
Thank you for dropping by!
That seems like the best option (and timing) if you want to use them for something else unrelated to the GLS platform.
I am currently building my stake in GLX. Waiting for the GLX drop for owning a few packs. I like the 5+% it is currently paying per day and that looks to drop to less than 2% per day at 30 days. If all of it was staked currently it is paying much higher.
Longer term at .05 / GLX would be 100% money back on pack staking come next March. Thus I expect the price to drop below .05 by that point. I think it would be smart to sell a percentage each day to reduce the invested basis while above .05.
!PIZZA
Do you already have the packs or intend to buy them (maybe with GLX profits)?
The thing about the GLG packs is that I'm not really attracted by the game and that would mean extending to another project that requires attention and involvement/time to play it.
I have bought the packs already. I am on the fence if I will resell them or open them. The investment in packs will return more GLX compared to an equal investment in SPS. I will get 22.5 GLX per pack that I own plus any compounding from staking the GLX.
It sounds right that they want to reward pack buyers more than SPS holders. Pack sales bring revenue, the GLX airdrop is a bonus for SPS stakers.
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When the price of GLX skyrocketed, I seriously considered liquidating some of it, but instead, I staked the daily earnings and feel that this is the best decision in the long run.
Now, GLS may open and end up being a flop, but I think that soccer has enough of a fan base to make it work well.
Time will tell.
Thanks for your input on this.
!CTP
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I considered selling too. But in the end, I chose the option I had another 1-year experience with, and it was pretty good for my SPS stake.
I was hesitating between the two startegies and I decided to go for a hybrid version. I stake and compound but take 10% of staking rewards out to sell ;-)
I might start selling some portion of it daily too. Looks like the price stays up longer than I thought.