FOMO into SPS! The difficulties of Splinterlands/Hive Ecosystem.

As the price of the SPS had been falling, I am still a strong believer that Splinterlands game is going to last for years, and with that, its goverence token: SPS, is going to perform very well too! And with a few week back, as CRO had reduced its earn(staking) rewards for USDC/USDT/DAI from 12% to 8%.What is even more sad is that the 8% in "earn" is only limited to $50k. With that, I am tempted to look for alternative to park my stablecoins. And with SPS dropping to $0.105, it is really a great temptation to buy more SPS especially the selling pressure of SPS will slowly reduce in the coming months as SPS unlocking for private investors and SPS airdrop would have ended.

So just a month ago, I was super happy that I managed to hit a milestone of 100k SPS purely from the airdrop. Now, i decided to buy more SPS to build a stronger position in it!!

SPS MILESTONE

From the above picture, I purchased like $5000 worth of SPS and staked it!!!

With that, this is how my staked SPS looks like! With the additional $5000 worth of SPS, my SPS staked has crossed 150k which is already the further extended milestone that I had set for my new year resolution!

SPS/DEC Difficulties

I would like to also highlight that during the process of transferring crypto asset into Splinterlands and Hive, the difficulties are insane as compared to others like Terra or Atom or solana. Why do I say so, let me share with you more. As my USDT is on BSC, one of the popular way I always do is to use pancakeswap to convert it to dec or sps before bridge it to Splinterlands with the ingame function. Usually this had no issue, but now with larger amounts, I start to face a lot of issues.

When you are converting $10k worth of stablecoins to SPS, the slippage fee is still acceptable at 0.5%.

Yet, when you try to convert the $10k worth of stablecoins into DEC, the slippage can actually reached 5% which makes the transaction fail.

Nvm, as least we still have SPS to work with. As now Splinterlands had a fee of 0.5%, I tends to use bSwap as it has a lower fee of 0.25%.

But yet, after going in, I realise the liqudity to transfer from bsc to hive engine for SPS is very low. So end up, I try to use pancakeswap to do small swap like in trench of $1000 so as to keep the slippage to a low 0.5%. However, after 2 swap, the rate has fallen quite bad and I actually waited for like 1hr before the rate is back up. As a result, I just bswap $2000 worth of DEC and the remaining $8000, i just convert to SPS and use the ingame bridge.

Hive Difficulties

As some of you may know, now Hive Based Dollars(HBD) in saving is able to generate like 20% APY. So I would also want to get more HBD.

So this is what I did to get Hive

1. transferring the excess DEC and SPS to hive engine
2. sold Dec/SPS on hive-engine for hive.swap
3. beeswap to convert hive.swap to hive

With hive finally in my hive keychain, I go to Peakd wallet function to see how to convert my hive to HBD. There are 2 methods that I spotted which is "Convert to HBD" or "market".

When I click on "Convert", there is actually a fee of 5%! And what more is that it dont immediately full convert and still need 3.5 waiting days! This is the first that I have seen.

With that, of course I went for the market to do buy/sell orders. But what is really disappointing is that the buy and sell walls are in only hundreds. It cant stomach the demand I want which is to sell 10k Hive for HBD. After 5hrs, I only manage to sell 1-3% and the price of hive had already dropped from $0.93 to $0.88. I can see that many people are trying to convert hive to HBD due to the recent change in HBD APY! WIth that, I gave up in market and just do the auto-convert!!

This is not the first time I am bridging crypto assets from one place to another, but this time is by far one of the hardest that I had seen. Now I start to appreciate Cosmos more and more. I am happy that I too have reserve a portion of my stablecoin to get into Cosmos ecosystem!!

If you have yet to join Splinterlands and would like to try it out, feel free to use my referral as given below.
Splinterlands Referral: https://splinterlands.com?ref=namelessnameless

Posted using Neoxian City