Splinterlands - SPS rental market is awesome
Splinterlands is a game that keeps surprising people with new additions and new features. I'm very happy to use the SPS rental feature today. A few days back I saw the announcement post from Splinterlands about the new SPS rental feature they are introducing. I was eagerly waiting for this feature. The reason is that I was keeping my SPS idle as I'm just an investor in the game and not a player. I once used to be a player but these days I'm only renting out my cards and today I'm very happy to start renting out my SPS stake too.
At first, I did not understand how this would work. I rarely visit the game site these days because of other priorities. I was curious to see how the delegation rentals would work. Looks like there is a provision already created in the splinterlands site and the other third-party markets are also currently providing an option to fill the bids. The idea is someone would create a bid and people who have extra SPS stake would go and fill the bid. The payment is in the form of DEC tokens and it has to be paid upfront for 7 days.
I have staked 100k SPS and it is sitting idle because I'm not currently playing the game. This market is really amusing because I can earn something decent from the SPS rentals once a week in the form of DEC. In general, this is good for DEC because similar to card rentals, this would also be an extra income for not only the players but it would also add more burning for DEC tokenomics. This can have a great impact on the price of DEC in the coming months or years.
Today when I tried using the market, I noticed a few bids for 0.007 DEC/SPS/Day. I thought it was a decent value and wanted to fill the bid. Thankfully I did not use all my 100k SPS for delegations because after some time someone was asking for 0.009 DEC/SPS/Day. I'm not sure what would have been the initial offering. But I have to say that 5% APR on something that is sitting idle itself is a great thing for me personally. If not this SPS is going to sit idle anyways.
I was using the Monstermarket user interface to give this a try. When I select a bid and try to lend my SPS, it shows a clean split up of what is happening. One of the biggest advantages of using the Monstermarket site is that they give 60% cash back to the users. The below screenshot shows the split up. There is also a small amount of DEC being burnt in every transaction. This is also a great thing to bring DEC to its pegged value.
I hope the Staking rewards also go to the owner of the account and not to the person who gets the delegation. I believe that should be the logic. One of the biggest concerns that I had while using this market was that I should have had the option to choose multiple requests and fill the bids. I understand there can be technical difficulties in implementing that but it would have definitely been a great feature. If I have delegated to 50 different accounts it is going to be a pain to undelegate in bull and delegate in bulk. I have not yet checked the Peakmonsters site, maybe they have a facility to bulk undelegate or bulk delegate. They usually have such things for cards too. In order to make it less painful for the people delegating, maybe it is good to fill the orders that are of bigger value.
I also noticed that the main splinterlands site has some bugs in updating the outgoing delegations. The same set of records keeps showing repeatedly when the site is trying to auto-update. I have already used 50% of my staked SPS for this and I'm going to observe how this goes for a week. Probably if the APR is good in the future when I open it and see, I would be happy to do some more delegations.
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