How do you remember the SPS airdrop period? Was it a great thing for Splinterlands or not?
I believe it was great, with one bad side to it. The shortcomings of DEC as a relatively stable token were revealed and it became clear the rewards structure needed to be changed radically if DEC were to get close to the shop value and stay close to it.
The SPS airdrop had two phases, in reality.
The first phase is the pre-Chaos Legion edition presale phase when everything was hyped, fueled by the final pushes of the bull market and by the lacking offer to meet the skyrocketing demand.
The second phase was after the Chaos Legion presale started. Then, the composition of airdrop points changed significantly, and the price of older assets started to decline alongside the price of SPS, as more CL packs were purchased. That moment almost coincided with the beginning of the bear market (although at the time few believed the bear market had come and were still expecting new ATHs).
So, in the end, it's still about timing and cycles. But right now, during a harsh bear market, it's hard to see beyond the falling prices and growing inflation.
I wonder when is the best time to tweak a crypto project tokenomics? During a bear market, the demand is lower due to market conditions. If inflation is tweaked to levels that are sustainable during the bear market, will the project scale well during the bull market?
If on the other hand, inflation is tweaked during a bull market, when demand is incredible, can the project sustain itself during the bear market, when demand plummets?
Personally, I believe people's actions are highly influenced by the long bear market we are experiencing. And we will likely see more of that. And the longer it goes, the harder it will be to bear. But on the other side of this winter (both literally and figuratively), should be another bull market, so keep that in your mind.
On Tuesday, the GLX airdrop for SPS stakeholders begins. It will also last a year, with daily snapshots, like the SPS airdrop.
Unlike the SPS airdrop, the GLX airdrop starts during the bear market. Maybe, but with a low probability, it will end at the beginning of a bull market. So the cycles would be the opposite of what happened for the SPS airdrop.
The airdrop will happen on the GLG platform. If you have one account holding the SPS stake, it helps if you register it on GLG and associate it with your Hive Keychain.
From my understanding, staking will be possible for the GLX token from the start, but rewards for staking only last 12 months, same as the airdrop. We'll know more in 4 days.
I haven't bought any GLG packs in the presale, nor do I intend to. The airdrop is an ok starting point for me on GLS. I will probably be interested in passive defi elements like the future HIVE/GLX liquidity pool.