Hey All,
We all know that recently there was new use case for Splintershards aka as SPS which is the governance token of the game Splinterlands - that came out as SPS delegation. Have enough SPS stake and you want to earn some passive income from it now you can do so by delegating your SPS to other players in the game for $DEC which is another token of the game by visiting the SPS delegation market page. As soon as the announcement was made for the SPS delegation available, which went LIVE on - Thursday, July 6th, 2023. I went ahead to explore the same and had delegated close to 2K+ SPS for 0.009 $DEC for per SPS. Here is the SPS that I had delegated on 7th July::
SPS Delegated on 7th July..
As I was looking to explore how the SPS delegation works along with earning some $DEC tokens. I did not delegate more SPS because I felt the $DEC reward was not that great and I did be better off receiving the SPS staked rewards. Please note that if you delegate SPS - then you loose that much of SPS staked rewards and and when you undelegate the SPS at that point in time your staked active SPS amount will increase back to where it was before delegating. In my first round of SPS delegation I missed to undelegate the SPS by 1 day and instead on undelegating on 14th I undelegated SPS on 15th July; so missed some $DEC here for a day.
Really liked the information icon and when you hover it the messages that it gives you indicating that the SPS delegation from filling a rental has passed the period of 7 days & now you can either undelegate or keep the delegation as is. Who would keep their SPS delegation as is without receiving a reward? I guess no one..therefore by default the system should be removing the delegation once the period of 7 days has been filled; its just a loss to the users who may forget to remove the delegation. Therefore it is imperative for users who have delegated SPS set a reminder for themselves to take action once the delegation duration of 7 days has finished. This is how I had to manually undelegate for all my SPS delegations and get my SPS back to its staking pool...
My Plans for SPS Delegation Ahead...
At the moment, I have close to 255K+ SPS staked and ready for delegation. But with the low price i.e. 0.009 DEC for 1 SPS I feel is petty low and am not willing to delegate at this low amount. Apart from the low price there is this hurdle of manually undelegating and if you forget you miss on the rewards. Ideally what should happen here; just a suggestion if a user further decides to delegate to the same user then the number of day for delegation should start from the day when the first delegation finished. By doing so we are making sure that the user who have delegated is not a loss no matter it was their fault as they did not undelegate at the right time; there could be n reasons to it - therefore there should an automation of undelegation in place here.
I would rather prefer to Build my $SPS stake here and gain more rewards by playing in higher leagues. Overall my experience with delegating SPS was smooth and pretty simple its just that the rewards associated to it for me is not that tempting and for the moment I don't prefer delegation of my SPS. Rather what I would prefer is that if I could find myself a strong player who did like to play with my cards deck on higher leagues then I guess we could make more profits that could be shared with the owner and the player who rented the cards in the agreed ratio may be 50/50. At last for now I would be watching the SPS delegation market closely to see if we have more bids as opposed to available SPS for delegation. And if this happens automatically the bid price need to raise their level and then I would rethink if I need to go this route of delegating my SPS at higher levels or not..To be honest, I am looking somewhere around 0.01 DEC for 1 SPS delegated; lets see if we see this price for SPS delegation coming very soon or not..hopefully YES.... cheers
My experience with SPS Delegation - First Round Done...
#sps #stake #delegation #borrow #lengine #splinterlands #rewards #dec #burn
Have Your Say on SPS Delegation Experience & Plan Ahead...
Did you delegate your spare SPS? Delegate Vs Borrow - what is your plan for SPS here? Are you mad over SPS? What is your strategy for SPS? Are you buying the Dip? Continue to Stake or plan to exit? Let me know in the comment section below...
Image Courtesy:: splinterlands, procanva licence version
Best Regards