The grind continues for Splinterlands. A lot of new things to happen in 2025.But the SPS token keeps struggling on the low end. The SPS token was launched at the end of July 2021 in the midst of the bull market. Initially it did well, but as the time progressed the token price continued to depreciate and facing more and more challenges. There were tweaks in the supply emission as initially it was airdropped then continued to be issued as reward, but at the same time there were burring mechanics.
Here we will be looking at: - SPS supply - Staked SPS - Liquid vs staked - SPS distribution - Top accounts that staked SPS - SPS Price and Market cap
The period that we will be looking at is July 2021 till now.
Supply
How is the supply going? Here is the chart.
We can notice the sharp steps first. This is when tokens are unlocked on a monthly basis. Since February 2022, there is a daily issuance of the token happening. Overall, we can see that the number of new tokens entering the supply has decreased and there have been some burnings. The light color on the chart.
The current supply is close to 1.63B SPS, and plus 69M burned, meaning more than half of the planned distribution has been issued. The max cap for the token supply is 3B, but since more than 69M was burned it is now at 2.93B. Another important thing to note here is that the DAO now holds SPS tokens as well, a total of 124M.
Daily Issued SPS Tokens
Here is the chart for the issued tokens per day.
As we can see at first there were around 2.3M tokens issued daily, then it dropped, most significantly back in July 2022, when the airdrop ended to around 830k, and it has dropped again to 620k. In the last period the daily issuance is around 1M SPS daily.
Staking
What about staking? Are players staking some SPS? Here is the chart for daily net staked. Positive bar means more staked in the day, negative more unstacked.
This is the overall staked and unstaked daily SPS. As we can see there has been some unstaking in the beginning of 2024, but some more staking lately as well.
When we plot the chart on a monthly level we get this:
A clearer representation here, where we can notice that most of the months have net positive SPS staked, with only four months in the negative. There is some unstaking happening in the last month of 2024. Also at the beginning of 2024.
When we plot liquid vs staked tokens we get this.
We can see the unstaking in the beginning of 2024 when the total staked SPS dropped from 900M to 700M. Then it increased again to 950M and dropped a bit to 920M in December 2024.
If we plot the staked vs liquid supply as a share we get the following chart:
We can see the sharp increase in the share of staked SPS in the beginning. The APR at the start was high and a lot of users were staking. Towards the end of 2023 the share of the staked SPS increased again reaching 75% at one point. A correction since then in the last months and we are now just above 50% staked.
The pie for the staked vs liquid tokens at the moment looks like this:
This chart shows all the tokens that have been issued until now, including the burned. A total of 55% staked and 33% liquid. The DAO has around 7%, and 4% burned.
Top Accounts that Staked SPS
Who is staking the most?
@vugtis is on the top with 46.8M SPS staked. @bravetofu is next with 37M SPS staked, followed by @sps-renter and @spswhale.
SPS Price
At the end the price chart.
Quite the drop in the SPS price and it has been reaching new all time lows recently to bellow one cent of 0.006 USD. Some uptrend in the recent period reaching around 1 cent and drop again to 0.007.
All the best @dalz