How to Migrate SPS From Splinterlands to Polygon | Crypto Noobs #24
Welcome back to Crypto Noobs!
It's the most popular crypto educational series on the blockchain! Not really. Maybe. Who knows. We like to have fun here. If you've never read a Crypto Noobs post, it's a series where I show people how to do different things with cryptocurrency and blockchain. I'm just a regular dude that admittedly smokes too much and likes to be a complete degenerate with crypto. I'm no expert, I just like to spread knowledge. In the last issue, we took a look at what wrapped tokens are and how they work. Today I thought I'd take a minute to share another way to earn with your SPS tokens from Splinterlands.
SPS from Splinterlands Game to Polygon
So you might be reading this thinking "why would I need a guide on how to do this?". Well, there's a couple reasons. Number one - you might want to trade your SPS for other tokens that are on the Polygon blockchain. You might also want to put your SPS into different DeFi platforms like PolyCUB or Cub Finance to earn higher yields than the staking APR in game.
I'm a huge fan of tokens being available on multiple different blockchains, because I want to be able to freely move those tokens around as I need. Bridges between different chains are incredibly useful when you're using DeFi platforms on different blockchains. Splinterlands has had this built in feature of being able to move the token to different chains for a long time, and that makes the play to earn mechanic even more attractive.
If you have any Splinterlands cards, play the game, or purely speculate with the tokens... You might have some SPS tokens sitting around and staked in the game earning 51.79% APR. I'm gunna show you how to move those SPS tokens over to Polygon and double/triple your yield!
Your SPS tokens are likely staked, so let's just assume that you have some liquid sitting in your in-game wallet from the SPS daily airdrop. As you can see, I am actively unstaking mine and I don't have a ton. I'd rather maximize the return on it though, so off to Polygon it goes. Here's how it's done.
First, head to the Splinterlands SPS page after logging in. This will take you to the page where you can see all of your staked SPS and the points you have toward the fast-ending airdrop. Then click the Transfer button. You'll be met with the pop up below.
Next, click the drop down menu and select Hive Engine. We'll be moving the SPS to Hive Engine first, and then to Polygon. Once you do this, the Transfer In and Transfer Out buttons will light up.
Enter the amount and click Transfer Out. You'll receive a pop-up to confirm the amount and wallet address, then confirm via Hive Keychain.
Wait a few seconds, and refresh the page to confirm that the SPS has arrive in your Hive Engine wallet. Now that we have SPS on Hive Engine, it's time to bridge to Polygon.
Now head to the SPS Bridge to wrap the SPS to pSPS on Polygon.
Nect, enter the amount you want to bridge and then paste your Polygon wallet address in the box.
After that, click transfer. You'll get a pop up to enter your Hive username.
Click OK, and confirm in Hive Keychain. After a few seconds, your pSPS will be sent to your Polygon wallet.
Now you have successfully bridged your SPS from the Splinterlands game to Polygon. It's time to get to the juicy stuff... Head to SushiSwap and you will be able to trade your pSPS for any other tokens or provide liquidity to trading pairs like pSPS-POLYCUB. I already have some POLYCUB in my wallet, so I'll just use that as an example.
You'll need to paste the pSPS token contract address into SushiSwap to use the token. The pSPS contract - 0x28cEAd9E4ff96806C79f4189eF28FC61418e2216.
Once you've added pSPS, you'll be able to add liquidity and swap with that token without having to do it again. We'll be adding liquidity to the pSPS-POLYCUB pool.
When adding to a liquidity pool, you need an equal dollar amount of each token so I'll be swapping some pSPS to POLYCUB first.
First - do the math and figure out how much you need to swap. You need to have an equivalent dollar amount of both and it provides the ratio. Approve, and then confirm in Metamask. Then Swap, and confirm.
Now it's time to provide liquidity. Head to the SushiSwap Liquidity page. Enter the amount you wish to add, and then repeat the Approve and Confirm steps.
Head to the Farms page and select pSPS-POLYCUB. You'll be met with the details showing the APR yield, and man it's high right now!
Click the Enable button, and confirm in Metamask. Then click Stake LP. Click Max, and confirm in Metamask. Now you're earning 167% APY with your SPS and POLYCUB tokens!
This may have seemed complicated, but it really isn't. After doing it once, you have already completed all the approving and extra transactions.
Adding to the pool you're already in every week as your SPS unstakes is going to be way easier now that you have already approved the contracts. The cool thing about PolyCUB is that you can vote on which token pairs get the most yield, every week by staking some POLYCUB in xPOLYCUB.
Not only does it grant you voting rights on yield, but it also earns yield off people claiming their farmed tokens. This is just one of the ways you can use your SPS to earn a much higher yield right now. Set it and forget it.
Thanks for reading! Much love.
Wanna learn about all kinds of things you can do with the crypto you earn blogging on Hive? Check out my index - Learn Crypto Stuff for some fun educational crypto stuff.
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