Compounding Strategies for Splinterlands' Sports Gaming Platform Token- GLX

avatar

Hi great friends on Hive blockchain. Happy weekend to you.

I'm excited about the developments happening on this blockchain and specifically in the Splinterlands ecosystem. We've all seen the unfolding of advances in the new Genesis League Sports platform. We have moved from receiving free GLX airdrops to staking GLX to earn GLX and GLGT and now we can get to trade all the tokens in the GLS platform.

GLX was my first investment in the Splinterlands ecosystem. All of my post earnings were channeled into buying GLX and looking back at my growth with GLX holdings, it is exciting. While my GLX goal 2023 is about 30% achieved, today, I discovered that I can actually compound my GLX holdings to shorten my achievement duration.

So far, I am earning around GLX and 0.1 GLGT daily with my staked GLX token. The use of the GLGT token has been unveiled to get discount in buying GLG packs. I still have some time ahead to raise some funds to buy GLG packs, but in the meantime, I sought out for a way to put my GLGT to work.

I sold my 15.1 GLGT into 6.04 SWAP.HIVE (see transaction link). I then used the 6.04 SWAP.HIVE to purchase 71.6 GLX tokens. This amount of GLX was added to the amount I am receiving as staking rewards and it totaled a little above 110 GLX.

I have staked the entire 110 GLX (see transaction link) which has raised my total GLX staked to 862.474. The 70 GLX swapped from GLGT would yield more GLX and GLGT rewards and over time I'll compound again to reach my target 3,000 GLX stake for 2023.

My thumbnail image has shown the different routes of compounding GLX. Let me explain thus:

  1. Stake GLX to earn GLX and GLGT daily
  2. Claim the GLX daily and stake to earn more GLX and GLGT
  3. Trade the GLGT into SWAP.HIVE and use the proceeds to buy more GLX to stake
  4. Repeat the cycle as many times as possible to earn more GLX.

The important thing to not is that the more GLX you stake, the more GLGT and GLX you earn daily. When the game finally comes live, the value of GLGT would have increased and that means that your swap of GLGT into GLX is yielding even more profits.

I have read about how SPS reached $1 and I hope such time would happen for GLX. Now is just the good time to compound the profits of investing in the token.

Bear in mind that as more players buy and stake more GLX, the daily reward pool is further stretched and that means you earn a little lower than you did the previous day.

Join Splinterlands Now

Thank you again to all the creators and developers on Hive. Thank you all my teachers here on Hive. Thank you for those who mark my scripts with their upvotes. I am happy to see that I am growing in understanding this environment, but more interesting is that I am paid to to learn on hive.

Thank you all, I love you.

I am @kingswill. Let's meet and greet.

hive-167922 splinterlands glx leofinance ctp play2earn cent proofofbrain sportstalk neoxian
0
0
0.000
7 comments
avatar

Congratulations @kingswill! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)

You received more than 10000 upvotes.
Your next target is to reach 15000 upvotes.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Check out our last posts:

The Hive Gamification Proposal
Support the HiveBuzz project. Vote for our proposal!
0
0
0.000
Reply
avatar

Of note, also GLGPA staking yields GLX daily. E.g. per pack staked you get app. 1 GLX daily.
But I think this will change after the Feb.24 or so, then the yield may get cut by 50%.

0
0
0.000
Reply