How Profitable is Staking SPS? GLX airdrop makes it 100% APY
Exactly ten days ago, I took a bold step to start an investment in the trending Splinterlands game. I bought and staked 150 SPS. It was worth $9 at that time. I think it's right to look up how profitable the investment has been so far. There was a promise of 27% APY as at then.
Today, I staked 150 SPS tokens
Today, I staked 150 SPS tokens. That is about $9. It may look small but I will be topping up consistently. My goal is 1,000 SPS before the end of Q1, 2023. I may even surpass that goal by then. source
Keeping in step with my goal with SPS staking and splinterlands investment would depend on the outlook of the yield of the investment so far.
I decided to read more about SPS. Poor me, I didn't do that at the beginning. It's not too late to do that. What I discovered about SPS was worth the read time.
Splintershards (SPS) is the official governance token for Splinterlands. The token was created with the purpose of empowering players to participate in the evolution of the game. This is made possible by players influencing the direction of the game in terms of creating and voting for proposals to review the reward system or third party applications that support the game. Staking SPS gives a splinterlands player a voice tp help shape the future of the splinterlands game.
It is also on record that an added benefit for owning splintershards is that it gives a player access to special promotions, grants them to receive extra rewards from promotions and more. That is the aspect that allows players who stake SPS to receive GLX airdrop.
Still within the context on why I need to own SPS as a beginner in splinterlands who may not be acquainted with cryptocurrency, the player is qualified for SPS airdrop rewards and also take part in upcoming in-game governance.
Though the price of SPS has been down from then $0.06 to the present $0.043, I have seen some tangible positive changes in my wallet as a result of staking SPS tokens.
You can see from the above screenshot of my wallet that there are staked rewards in VOUCHER (0.071 and SPS (0.884). I claimed my first SPS staking rewards after 10 days and it now reflects in my SPS balance in the in-game (liquid).
Apart from earning SPS and VOUCHER, I also read a few days ago that all those staking SPS had started earning a new token GLX as an airdrop that would last for one year. that is super story.
I enquired and got a link to check my GLX airdrop balances which shows I have received 0.929 GLX tokens.
I was curious to know the value of GLX and was surprised to see that each is valued for $0.25 on hive-engine, about 6 times the present price of SPS.
My simple computations showed that in 10 days, I earned the following from staking SPS:
- 0.071 VOUCHER worth $0.012
- 0.884 SPS worth $0.038
- 0.929 GLX worth $0.24
Summing them up, my $8.5 SPS staked 10 days ago yielded $0.28 in 10 days. If everything remained constant for a month, I would be richer by $0.85 and $10.1 by the year end.
The above simple linear computation shows that SPS staking APY has grown to over 100%. The booster is courtesy of GLX that is the trending token on hive-engine. I will also have my eyes on there.
With more GLX coming in the days ahead and the possibility of staying at a better market price, I think it is profitable staking SPS.
Do you know what Splinterlands is?
Splinterlands is a special digital trading card game that allows players to own their cards and other in-game assets. Splinterlands is powered by HIVE, a web 3.0 technology. Each card in the Splinterlands game is a non-fungible token (NFT) owned by a player who can do anything he wants with his cards, including battling for rewards, holding as collectibles, trading on the peer-to-peer market, or renting to other players.