Cheap / Cheaper / Cheapest (?) Way to Get SPS Staked!
Hey Everyone! First post on PEAKD! Thank y'all in advance for the support!
Vouchers are back starting Dec 8th for Phase 2 of the Chaos Legion Pre-sale! Here’s the cheap(er/est) way to buy SPS and stake it. As of this moment, vouchers are selling for a whopping $12!
It seems like there are a hundred different ways to buy SPS and get it into your Splinterlands account. I’ve tried a few of them out, and here I am sharing what I’ve found to be the cheapest, along with the straight-up cost of buying an SPS token.
While majority of folks claim that Binance is the cheapest AND fastest way to get SPS into your Splinterlands account, that was not an option for me because I live in Texas, US. Per the Binance legality statement, Binance.US is not available in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont. Lucky me! I get to figure out a reasonable way to buy and stake SPS to get those juicy Vouchers (THANK YOU developers for letting us commoners share in the Splinterlands profits). So here we go – to start, you’ll need:
- Coinbase Pro account – if you currently dabble in crypto, you’ll likely have a Coinbase or Coinbase Pro account. My recommendation is to grab a Pro account (it’s Free!) because transaction fees are significantly lower. The only difference between the two is that the Coinbase Pro accounts are slightly less user friendly
- HIVE account – if you didn’t already know, Splinterlands runs on the HIVE blockchain. If you have a Splinterlands account, you already have a HIVE account. All you need to do is request an export of your Splinterlands keys and use it to log into HIVE
- Money – duh.
Here is the lowest cost path from USD SPS.
- Set up ACH withdraws from your favorite bank to Coinbase Pro. ACH transfers are FREE on Coinbase pro.
- Transfer money from your bank account to your coinbase Pro account
- Use your USD to purchase Dogecoins – yes. I said Dogecoins! There should be a 0.5% transaction fee on this purchase, and Dogecoins are the lowest transfer fees that are compatible with HIVE swap features
- Minor note here – depending on the level of account you have on Coinbase Pro, you may or may not be able to withdraw your purchases right away. Be careful because cryptocurrencies can have major swings daily
- Go to your HIVE account, and click the “Deposit” button in your wallet
- From here, you can select the drop-down for a Dogecoin address
- Withdraw / transfer your Dogecoins from Coinbase Pro into HIVE by using the address copied from HIVE. The transfer fee here is 1.4 Dogecoins, which at $0.20 is $0.28 – one of the lowest I can find
- Once the Dogecoins are in HIVE, you can use the swap feature to directly convert to SPS, or the market feature to convert them to HIVE, then to SPS
And voila! You have SPS! If we walk through the fees starting with $1000 USD:
| Step | Transaction Fee | Total Value |
|---|---|---|
| ACH Transfer to Coinbase Pro | $0 | $1000 |
| Purchase of Dogecoin | 0.5% of total value | $995 |
| Transfer Dogecoin out of Coinbase Pro | 1.4 Doge (@$0.20) | $994.72 |
| Transfer Dogecoin to HIVE | 1% HIVE cost | $984.77 |
Going from $1000 to $984.77 of SPS, the total fees you incurred following this method is 1.523%, which I think is pretty good!
Note that if you decide to use the SWAP feature, there could be up to a 5% discrepancy.
If y'all need a affiliate link to creating a Splinterlands account, feel free to use this one: https://splinterlands.com?ref=lfebambi
Hope y'all enjoyed the post! Looking forward to providing more high quality content!