The grind continues for Splinterlands. A lot of new things happened in 2025. Validators, new card edition, land card etc. SPS has finally seen some ups in May but retraced since then.
The SPS token was launched at the end of July 2021 in the midst of the bull market. Initially it did well, but as time progressed the token price continued to depreciate and face more and more challenges. There were tweaks in the supply emission as initially it was airdropped then continued to be issued as a 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 has been a daily issuance of the token.
Overall, we can see that the number of new tokens entering the supply has been at steady pace and there have been some burnings. The light color on the chart. We can notice the drop in the supply in May 2025. This is due to the new card pack sale at the time that requires DEC, that is created with burning SPS. There was another drop in the supply back in September 2022 when there was also a card sale that burned SPS directly and also from the license sale.
The current circulating supply is 1.55B SPS, plus 241M burned, meaning more than half of the planned 3B tokens distribution has been issued. The max cap for the token supply is 3B, but since more than 241M was burned it is now at 2.759B. Another important thing to note here is that the DAO now holds SPS tokens as well, a total of 508M in game and plus some active one so to speak in pools etc. All the tokens in the DAO are locked and their use is subject to staked SPS holders voting.
The chart for burning SPS looks like this:
A big spike in the last period during the new card sales. Up to 241M SPS burned now, out of which majority is in 2025.
Monthly Staked SPS Tokens
Here is the chart for the issued tokens per month.
There was quite a stable period in the last period, but then there was some volatility in the last months, first unstaking, and then staking again. This is probably due to the new card set, some of the users might use SPS to buy cards. Now things seems to calmed down.
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 it has stayed around this number for almost a year. In the last months there was some unstaking first, but then aggressive staking reaching of new ATH in the staked SPS of 1B .
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 85% at one point. A correction in 2024 and in the last period the share of staked SPS has been in the range of 60% to 70%. This is from the circulating SPS supply.
The pie for the SPS distribution at the moment looks like this:
This chart shows all the tokens that have been issued until now, but also the ones that are pending for issuance in the reward pool and the DAO.
Most notably is that there is now more than 8% of the total possible SPS supply burned. The DAO keeps accumulating tokens as well.
Top Accounts that Staked SPS
Who is staking the most?
@bravetofu is now leading with 76M SPS staked followed by @vugtis with 58M.
Some other well know names like @cryptoeater, @yabapmat, @azircon etc with more than 20M staked.
SPS Price
At the end the price chart.
Quite the drop in the SPS price from the highs in 2021 and 2022. In May 2025 we can notice a spike from 0.006 to 0.014 and a drop afterwards to the range of 0.006 to 0.007. There are a lot of possibilities on the upside here. Will see how things will evolve in the future, but SPS is getting a harder asset now with relatively moderate issuance compared to the first years and more burnings in the process. We just need some new demand to spike things up.
All the best
@dalz
We need another bull market in altcoins and gaming as a narrative to come back, without that getting new players seems to be really hard...
I am really looking forward to the time, when no more SPS are created. Only around 20% left!
The evolution of the Splinterlands SPS token and the changing market dynamics are really interesting. Despite the recent price drop, reduced issuance and increased burn activity could make it more valuable in the future.