New SPS Rental Market
I guess I missed the update
It can't have been very long ago, but today I realized that Splinterlands has finally overhauled their SPS rental market. The old one was particularly annoying since one had to manually manage one's SPS position. But there were also only few options. Now we can actually set a price ourselves among other things. A couple of things to point out:
On the top right hand corner one can finally auto renew bids and offers. This of course only works if there is actual demand, but since the market is very liquid this shouldn't be a problem. In the past, I and many others I suppose constantly forgot to manage the position and lost a great deal of revenue from not doing so. Since rental price dropped to 0.001 DEC a long time ago, the APR was minimal. Not managing it efficiently probably meant losing anther 20% or 30% or so.
We can place a bid or create an offer right below it. Again, we can now actually set the price ourselves.
We can also see more options in the top middle which opens the bigger order book so to speak and also one's current positions.
It is clear that at the moment there is a bit of a divergence between bids and asks. Most still don't think a higher price for SPS delegation is warranted. Delegators on the other hand think that 0.001 DEC per SPS is too low and want at least double the amount. I still remember the days in which we got like 0.005 or more DEC per SPS... seems like a long time ago.
Personal Journey
I have been with SPL since almost the beginning. Some years ago I sold most of my cards, but invested in land. Since then I also sold my land plots since staking and renting SPS seemed like the better deal. Especially since it turned out that land was going to take forever to get implemented with all of its features.
But over the last few weeks I also sold 80% of my SPS stake. This was definitely a hard decision since I hodled it all the way down from $1 to 4/10 of a penny... It is clear that SPL is overall undervalued from what is being brought to the table. But it is also clear that the bad tokenomics and the even worse inflation have seemingly damaged the economy beyond repair. Since I think there is still a sliver of hope for some kind of comeback, I will keep 100k SPS staked for the next 2-3 years. The team would definitely deserve a turn around. Fingers crossed.
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When/if the price recovers many of those that left will come back.
This time I will sell when the recovery looks about right.
The problem with that is to get the timing right. Is it 5, 10 or 50 cents? Normally I wait too long
And, it's relative, how much has hive gone up during the same time?
Maybe we can get more hive per sps now?
I should've paid more attention in math class,...
Yes there are many factors to consider. One way to simplify things is to average it out over time. E.g. start selling/buying early but only relatively small percentages
It is a good thing that there is an option to bid and offer on the SPS rentals
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I am also hoping that SPS will eventually rise once again
While I do like the new SPS rental market for myself. I think new people will see this as an overcomplicated mess and a huge turn off. The complexity of the game is a double edged sword, what benefits the old players can confuse and turn away potential new players.
The SPS rental market overhaul was overdue. The old system required too much manual tracking — especially the lack of auto-renewal meant you'd lose your staking position if you forgot to check in. The ability to set custom prices changes the dynamics significantly.
The question is whether this shifts SPS toward a more liquid market or just centralizes rentals through a few large providers who can undercut on price. Curious how the utilization rate has changed since the update.