GLX and SPS dump as GLG pack staking reward goes live

over 1 year ago

With each passing day, I notice that the hype surrounding GLX token diminishes and with that comes the accompanying dump in the price. Interestingly, the drop in the hype level is corresponding with a general drop in the staking APR.

It is a rather ironic situation considering the fact that the APR is reducing is actually connected to the fact that there's more GLX token in the staking pool. The more the merrier and with that merriment comes more competition for the limited reward available for the public.

Buying GLX token at the time I did is still one of the best decisions I've ever made in my life. I staked most of it and when the price of the token pumped to 30 cents, I was pulling in my initial investment daily from just staking reward.

Fast forward to today and I have zero regrets about my GLX situation because it turned out alright for me. Overall, I'm quite pleased with the general situation and the drop in the value doesn't bother me in the slightest bit.

Pack staking

Today, I received 2 GLX for staking the two packs in my possession. I'm not sure how the reward for staking packs work but it is either I'm going to be receiving 2 GLX per day from staking packs or this is the accumulated GLX from staking packs a couple of days ago.

Well, either way, I'm still satisfied with the turnout because I wasn't expecting much from staking only 2 GLG packs. Honestly speaking, I don't have any intention to actually play GLG, so I won't be buying more packs, meaning this is all I'll be getting from staking packs.

Each pack still costs $5 worth of Hive to purchase and that's $5 more than I can afford right now. I'm still tightening my belt, especially with all the Fuddish news being peddled about.

Right now, everything in me is telling me to take a step back from GLX related investment as a whole. My plan is to safely pull out my staked GLX in the next couple of days, swap for Hive and then watch where the market takes us.

The state of the general crypto market has made me short-term pessimistic and because of that, I've been trying to fill the proverbial silo with grain. It's an instinctive move borne out of the fact that I rely on these assets for sustenance, so ensuring I have enough to cater to personal needs is a must.

Anyway, the most important thing to note is that I'll not be buying more GLG packs and I'll be taking a back seat to watch the market. I have a bad feeling that things are about to get worse.

SPS looking hopeless

Speaking of things getting worse, SPS seems to be constantly hitting new lows. Today, the token finally dropped to as low as 3 cents before fractionally pumping to 3.3 cents, where it currently is right now.

The earning potential of SPS token has also dropped significantly, with APR already down to 24.3% and no signs of respite in sight. SPS token is probably the most affected SPlinterlands-related asset during this bear market and even the GLX airdrop did nothing to alleviate the situation.

Well, the dump in the value of SPS token also presents a massive opportunity for anybody looking to grow their token collection in Splinterlands. At such a low price, loading up on SPS token seems like the logical option, particularly with the amount of reward you receive daily for staking.

There's just so much FUD in the air these days and I'm sure it is making investors keep their wallets in their pockets. The next couple of months will be immense for the wider crypto community but it is safe to say that Splinterlands investors will definitely be part of the equation.

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11 comments

@splinterboost 61

over 1 year ago

This post has been given a 15.0% UpVote by the SplinterBoost Community Curation Bot.

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@brando28 70

over 1 year ago

Just like you, I'm also staking only 2 GLG packs. Yesterday I got 1.6 GLX and this morning I got 0.9 GLX so yes, seems it's daily. However, I started staking a week ago so I was kinda hoping it would have earned me more but that wasn't the case.

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@sodomlv 57

over 1 year ago

Do you have any in-game staked SPS? Your GLX may come from in-game staked SPS instead of GLG packs or the reward from staked GLG packs may be not high as we see :)

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@brando28 70

over 1 year ago

Yeah I do have some but that's different from GLG packs. It comes automatically while GLG pack rewards must be claimed.

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@sohahy 37

over 1 year ago

For calculation of MLSPA pack staking rewards:

According to the whitepaper of Genesis League Sports, it mentions the following at the Reward Pools Section (https://whitepaper-goals.genesisleaguesports.com/reward-pools):

During the presale, 15M GLX tokens will be rewarded to players who stake their MLSPA packs in the game. The 15M GLX tokens will be split equally between the two presale periods. 7.5M GLX tokens will be rewarded to early adopters of presale 1 and 7.5M GLX tokens will be rewarded to purchasers of presale 1 and 2. These rewards will be distributed daily based on the number of packs purchased. For example, if someone purchases 1,000 packs and 100,000 have been purchased so far, 1% of GLX rewards going to that purchaser.

As of now, the number of MLSPA pack sold is 282,921. There are 49 days of airdrop counting from 14 December 2022.

Assuming all the packs purchased are staked, the calculation should be (7500000/282921)/49 = 0.54 GLX per pack per day.

So if not everyone had staked their packs for airdrop, the rewards should be higher than 0.54 GLX. But still not sure if you do not stake your pack, whether your share of reward will be shared by those who staked?

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