Soulkeep: Another Massive Sink for SPS

Soulkeep is going to launch in the next months

This is of course quite a delay from the original May/June launch window. But it seems that the team is making the roll out of LAND 1.5 a top priority. This is good overall, since LAND did not get such a priority in the last few years. LAND 1.5 itself is coming out in August which was confirmed in yesterday's Town Hall. They stressed again that there is not enough DEC around to maximize utility on Land. The caveat with that of course is that there is no reason to expect it to be maximized, so there will probably not as much DEC bounded to Land as they outlined.

Back to Soulkeep. Soulkeep is a tower defense game which looks quite promising. I do hope they fix the animations as that was the biggest problem for me so far. The game mechanic will be very similar to Splinterlands. You will have card NFTs as towers and spells and you can utilize them on the maps. In terms of SPS rewards, we will also have reward points just like in the SPL card game. That means the more gold foil or focus cards (yet to be confirmed) etc. you use, the more reward points you will get. But there is a caveat! You will need to stake additional SPS to the Soulkeep account in order to receive SPS rewards! This is quite different to how it works for the card game: there you can simply stake it and use/delegate it to others which offers another utility. Staking it to the Soulkeep account, however, means that the SPS you stake cannot be utilized any further. I suppose the main reason for doing this is to give SPS an additional use case and it does seem warranted since Soulkeep is another game. Simply staking SPS on your main account and counting towards both the SPL card game as well as Soulkeep is therefore not what the team intentioned. Although I have to say that this is what I first expected before I saw the proposal to move rewards from holding Soulkeep assets to playing the game.

This table is quite the shocker and I haven't seen it widely discussed. So let's have a look at it:

There are leagues in Soulkeep which will work probably very similar to the leagues we have in the card game. The better you play, the higher you will rise. But the SPS staking "requirements" (no SPS is required per se, but the more you stake the more SPS you will receive) are very high indeed, especially since we now know that you will need these additional to the SPS you already have staked. Playing in a middle league (5 or 6) at the 10x multiplier would need 30k-60k SPS. But it gets crazy for the higher leagues where you would need 300k-400k at a 10x. It is important to keep in mind that this still is a proposal so the community can vote against it.

I personally am split on this. I think the fact that we have to have this additional SPS and that the staking requirements are very high is a bit much, especially since we just got the SPS requirements for the card game which many thought was fairly high as well. I could definitely see this proposal being rejected by the community. On the other hand, it does bring additional utility to SPS and I think we just have to realize as a community that we will need to buy/earn SPS if we want to earn more from playing the games. Until recently, we just received it for free essentially. If passed in this form, there is no doubt that SPS would face additional buying pressure, but we do not know how popular Soulkeep will be, so it's hard to say how much additional SPS would be bought off of the market.

Finally, SPS itself is looking strong. It has broken out of the falling wedge (see my SPS posts for detail) and is now establishing a supporting trend line. We will have to see if it holds (thin blue line), if it does, it would be very bullish. The orange lines are the resistances, and it might take a couple of attempts to break them. Overall, we should see SPS closing in on 3 cents in the coming months.

 

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