Splinterlands and their SPS governance token have seen a dramatic level of adoption over the past year. It's incredible to have a front-row seat to see them reach massive levels of success. We created an SPS Kingdom on Binance Smart Chain (BSC) a while back to support SPS when it first went live and got adoption by Pancakeswap as a Farm.
With our V2 Vaults Rollout, we've now got the ability to launch wrapped tokens on PolyCUB's Multi-Token Bridge. These wrapped tokens are derivatives of native assets on other blockchains. With pHBD and pHIVE, PolyCUB's DAO now operates wrapped versions of Hive and HBD on the Polygon network.
Today, we're excited to unveil pSPS - a PolyCUB-controlled wrapped version of the SPS token on Splinterlands.
pSPS supports the bridging of Hive-Engine SPS -> PolyCUB's pSPS asset on the Polygon Network.
We've talked with Splinterlands about this launch and there are a few key details that we want to lay out.
SPS (Hive), SPS (BSC), SPS (Polygon), pSPS (PolyCUB)
It feels funny to say SPS 20x really fast.
Splinterlands operates the native SPS token which is listed and utilized as a utility token on Splinterlands (In-Game) and BSC. There will likely be a launch of SPS on the Polygon network at some point in the future.
PolyCUB DAO has the Multi-Token Wrapping bridge which allows us to wrap tokens onto the Polygon network. These wrapped tokens are derivatives, not native assets. It's important to keep this in mind - especially when Splinterlands operates their own SPS on the Polygon network.
With this in mind, pSPS is a wrapped version of Hive-Engine SPS. It allows you to seamlessly wrap and unwrap SPS into pSPS from Hive-Engine to Polygon and vice versa.
When Splinterlands launches SPS on the Polygon network, this will bring an even larger degree of arbitrage to PolyCUB's pSPS and the native SPS token that is launched by them.
These tokens are separate assets. One being a derivative (PolyCUB's pSPS) and one being the native asset (Splinterlands's SPS).
pSPS is designed to be more of a "Boutique" wrapped asset. Much like Wrapped Bitcoin (WBTC) which allows users on Ethereum to wrap BTC into WBTC via third-party organizations.
Wins All Around
Our goal is to benefit the PolyCUB platform through V2 vaults, which have 5 methods of Value Accrual:
- insert_hive_asset (i.e. pHIVE or pSPS, etc.) - held as 1:1 collateral for the wrapped equivalent - staked on native platform (i.e. HIVE POWER or SPS staking on splinterlands.com) = value accrual for PolyCUB's PoL
- insert_hive_asset 0.25% wrap and unwrap fee = value accrual for PolyCUB's PoL
- insert_hive_asset cross-chain arbitrage = value accrual for PolyCUB's PoL
- insert_hive_asset-POLYCUB = utility for people to buy POLYCUB to LP against their insert_hive_asset = value accrual for PolyCUB's PoL
- insert_hive_asset-POLYCUB holders need to buy more POLYCUB to stake as xPOLYCUB to control governance and drive insert_hive_asset-POLYCUB vault yield higher
Splinterlands benefits by having their SPS token gain another use case: the ability to be wrapped onto Polygon using a third-party. This is outside of the native SPS that they will eventually launch on their own which means that one day, arbitrage volume between the two will create even more trading volume that benefits PolyCUB as much as it benefits Splinterlands.
We hope to see the Splinterlands community support pSPS in this V2 vault as a third-party wrapped utility derivative.
For PolyCUB, we benefit massively through the 5 methods of value accrual mentioned above. This allows us to continue to gain traction and build a more beneficial Yield Optimizing platform which will ultimately drive more yield into vaults like pSPS-POLYCUB. When SPS launches natively on Polygon, we may also support it with a Kingdom (similar to CUB on BSC).
How to Wrap, Unwrap and LP pSPS
pSPS is a wrapped derivative like all other V2 assets (pHBD, pHIVE). You can use https://wleo.io to wrap and unwrap or send TXs to the @p-sps account on the Hive blockchain.
The community always publishes amazing guides for how to use p__ assets. Here is a quick walkthrough:
Step 1). Go to https://wleo.io/sps/
Step 2). Enter Your Polygon Address and Amount
Enter your receiving Polygon address and the amount of SPS (Hive-Engine) that you want to send.
Step 3). Go to https://polycub.com/farms
To provide liquidity, hit "Get PSPS-POLYCUB LP".
Step 4). Add pSPS-POLYCUB on Sushiswap
Approve pSPS and POLYCUB, then add liquidity to the pool.
Step 5). Back on PolyCUB.com/farms, Enable the Farm and Click "Add Liquidity"
Step 6). Start Earning 😎
Vault Yield, Governance and the Future of PolyCUB
The future of PolyCUB is in these V2 vaults. They generate ridiculous levels of value accrual for PolyCUB's Protocol through 5 methods:
- insert_hive_asset (i.e. pHIVE or pSPS, etc.) - held as 1:1 collateral for the wrapped equivalent - staked on native platform (i.e. HIVE POWER or SPS staking on splinterlands.com) = value accrual for PolyCUB's PoL
- insert_hive_asset 0.25% wrap and unwrap fee = value accrual for PolyCUB's PoL
- insert_hive_asset cross-chain arbitrage = value accrual for PolyCUB's PoL
- insert_hive_asset-POLYCUB = utility for people to buy POLYCUB to LP against their insert_hive_asset = value accrual for PolyCUB's PoL
- insert_hive_asset-POLYCUB holders need to buy more POLYCUB to stake as xPOLYCUB to control governance and drive insert_hive_asset-POLYCUB vault yield higher
Now that pHBD, pHIVE and pSPS are live, we'll be launching governance to control where yield is driven.
pSPS has launched with a low multiplier (0.5x) which can (and most likely will) be raised through governance votes.
@nealmcspadden has already declared that he wants to vote more yield into this vault. With xPOLYCUB governance, anyone can vote to drive the yield of any V2 Farm Vault higher.
The fight for governance will begin! The 5 methods of value accrual listed above will continually drive value and buying pressure to the POLYCUB token which ultimately leads to a higher price which leads to higher APYs for every single vault on the platform (since yield is derived from POLYCUB itself).
Additionally, these V2 vaults like pHIVE and pSPS are paired against POLYCUB which means that every $1 of liquidity that gets added is another $1 in trading liquidity for POLYCUB pairs.
POLYCUB is more liquid than ever before and that liquidity continues to rise as we see new V2 vaults deployed and capital enters them.
To the Splinterlands Community
We're here to support. We believe pSPS is a win for us through the 5 value accrual methods above and we also believe that PolyCUB's pSPS token will bring a great deal of value to Splinterlands itself by giving players yet another option to utilize their SPS tokens via a third-party solution.
More decentralization, more use cases, more value accrual. A win for everyone.
We're looking forward to growing together 🦁🎮
About LeoFinance
LeoFinance is a blockchain-based Web3 community that builds innovative applications on the Hive, BSC, ETH and Polygon blockchains. Our flagship application: LeoFinance.io allows users and creators to engage and share content on the blockchain while earning cryptocurrency rewards.
Our mission is to put Web3 in the palm of your hands.
Twitter: https://twitter.com/FinanceLeo
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Whitepaper: https://whitepaper.leofinance.io
Our Hive Applications
Join Web3: https://leofinance.io/
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LeoMobile (Android): https://play.google.com/store/apps/details?id=io.leofi.mobile
Delegate HIVE POWER: Earn 16% APR, Paid Daily. Currently @ 2.8M HP
Hivestats: https://hivestats.io
LeoDex: https://leodex.io
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Polygon HBD (pHBD): https://wleo.io/hbd
Web3 & DeFi
Web3 is about more than social media. It encompasses a personal revolution in financial awareness and data ownership. We've merged the two with our Social Apps and our DeFi Apps:
CubFinance (BSC): https://cubdefi.com
PolyCUB (Polygon): https://polycub.com
LEO Wrapping Bridge: https://wleo.io
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I'm sure every splinterlands player will be delighted to put SPS into staking for a higher APR!
This will benefit not only polycub but also Splinterlands providing more exposure to the game on polygon network!
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Glad to hear that! PolyCub providing this new utility though a derivative can add a lot of value for both PolyCub and Splinterlands. Very happy to see it all come together!
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Derivatives are a powerful mechanism for bringing value to the underlying asset.
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I see SPS do some double digits rise in price in tb coming weeks.
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Super freakin epic! I have a heavy investment in Splinterlands so having this added is a huge boost to me for liquidity and moving things around.
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wow. I was waiting for this post after the twitter share and finally its here. pSPS-POLYCUB is great pool for SPS holder and a great opportunity for SPS holders. APr of 421% is just awesome and thanks leo team for adding it. kudos
And that yield can continually get driven up as pSPS LPs buy xPOLYCUB and vote it through governance!
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It will go down as the pool gets filled but that is the benefit of getting in early.
Either way, hopefully more TVL will be driven to Polycub from this.
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Yes, the APR go down rapidly and I guess it will be stable ~ 60%.
With this news, SPS community will be devided in 2 groups:
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This coming from you shoes how exciting the Splinterlands community is and how players are bullish about this development.
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Splinterlands community is surely so excited for this psps pool.
Great news! Always building, improving and growing! Love the Leofinance team.
Just keep adding more to the offering menu.
This will help to bring in more TVL and add value to the platform.
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Building bridges across all possible crypto communities is just an awesome move by Leofinance.
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I am just unstaking some of my SPS so it will be a while since I get in. Hopefully we see people moving hundreds of thousands dollars worth of TVL added.
It will be fun to see if this is the breakthrough liquidity pool. The people who are holding SPS are different, for the most part, than those holding Hive.
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I'll be adding LP to pSPS as I claim my SPS airdrops on weekly basis.
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Adding Sps to polycub is a massive one and honestly it is a better way to bring more development and more efficiency for splinterland holders
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We will see if it drives a lot of TVL over. If this can put some buy pressure on POLYCUB, that helps the APR in many of these pools, which will only drive more adoption.
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Already $33,785 liquidity! 106.6% APR, this is sweet!
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On PolyCUB? That's pretty fast then.
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Yes, very fast I must say!
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Now this is something to be excited. Glad seeing this happen. The pSPS-POLYCUB pool should be massive and bring lot of success to the p2e game and the PolyCub DeFi.
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There is a lot of SPS out there so we will have to see how much gets moved over.
Are you going to get involved?
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Still less than 24 hours. I hope @Splinterlands makes an official statement on this.
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Gradually, Leofinance is advancing into P2E. I see some big things unfold in the near future.
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This is huge and a good one for splinterland and every SPS holders to see this happen which is definitely a success to experience at the moment and a way also of promoting splinterland to another level. I am really impressed about this achievement.
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It will be interesting to see how quickly this one fills up. There is a lot of people who are holding SPS. Since there was an airdrop, the token is in a lot more hands.
Will they move it over to Polycub? We will have to see.
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The APR is too sweet not to move over, am on my bike over there!
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Yes. Because the LP APY for pSPS is greater than Staking in the game.
Posted Using LeoFinance Beta
But staking SPS in the game is one of the requirement to join Tournament. If you have a good deck, joining Tournament may give you a better income. So players not purely see the APR
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The splinterlands community is about to get excited because this is one way to put the SPS into use by giving it an additional use case. Letting them earn through polycub.
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I wonder how much SPS will be moved. I thought there would be a lot more HIVE moved over. However, the holders of SPS are different from them so perhaps there is more SPS among the different lions.
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I thought some set of people are more invested in sps and the splinterlands ecosystem
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I think there is a different grouping that could well be interested. I will move some of my SPS over when it comes free.
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Yes. Many SPS holders are not game freaks. They're interested in the asset and the related APY. There's investors would always move to where it's higher.
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That’s great, don’t have much because the price tanked.
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An added usecase plus more arbitrage opportunities. Really an exciting Development.
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This arbitrage opportunity, it’s seems like something I need to try and see. Is it really worth it? What do you think?
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This is a remarkable rate of progress! I've already inserted my first assets in the pSPS pool, and I look forward to seeing it balloon further!
Personally I think the POLYCUB-WETH multiplier is a bit too high, and would like to see part of that redistributed to the pSPS and pHIVE pools :).
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We’ll keep pushing to roll out these V2 vaults as quickly as possible! They generate so much value for PolyCUB!
All of these vaults are subject to governance votes to drive yield in or out of them
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Truly an awesome development. Good to see this pace of work and value addition to PolyCUB. This is a win-win for all.
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I have been struggling to understand this concept. Thanks for the guidelines. So first of all I need to get a Polygon wallet?
I noticed that the SPS APR in Splinterlands just shot up to 58%, did the pSPS had anything to do with this??
Yes! I’m sure there will be some community guides about it. You’ll need to setup a polygon wallet, then use wLEO.io/sps to wrap your native SPS
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Thank you so much for the feedback.
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I need to check that out in Splinterlands. That would be awesome. Maybe because some chunk of SPS would be installed to LP pSPS.
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Yes, I think that could be it.
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Awesome. Great to finally see SPS on PolyCub. I trust we'll be seeing an impressive APR. Will throwing some into the pool. Big win for both parties
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The arbitrage opportunity that is how available is what traders should be so excited about. Everyone wins with singular development.
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Polycub has been doing a great job and adding sps into the farm is one of those ways to help splinterlands players to earn more reward, just like solving liquidity problems of hbd.
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Excitement all around! Now lets see what happens when all the coming Splinterland updates are into place!
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Been waiting for this after seeing a tweet from you guys earlier. Excited to see this eventually happen. Something for users of both platforms to be happy about. Kudos to all involved for making this happen
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How many will get involved is the question?
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One can only hope they see the benefits and jump in on it
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This is another level of development, having SPS staking with high level of Apr is definitely another good development
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✨😎💰🎮✌️😎✨
Massive one for the splinterland community and honestly this is an added advantage too, having SPS in polycub is a massive progress
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Splinterlands is such a popular game, having SPS to staking will benefit everyone. PPSP/POLYCUB will be a big pool with high APR. Having this on the Polygon Network is a win win for both Splinterlands and the Leofinance team !
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I guess staking SPS o PolyCUB doesn't count towards getting airdrop points since it's a wrapped token?
There are lots of options for SPS holders at the moment. In-game staking APR was just raised from 20% to 60% and that's a pretty good single staking APR!
Then there are of course other pools like Tribaldex DEC:SPS -pool and that gives you a nice amount of airdrop points and therefore more SPS for the last few months...decisions, decisions...
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Currently APR is 110%, which looks pretty good.
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We will see how quickly it fills up.
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It fills up pretty fast and looks like it will surpass the PHIVE-POLYCUB pool in 24 hours. There's a lot of SPS out there, good things can happen if those come in the pool.
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It's exciting to see the options and opportunities increase for SPS investors. PolyCUB continues to power community tokens.
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Great, research how to join, thanks for sharing.
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This will be interesting with higher APR the combination of SPS and PolyCub.
Posted Using LeoFinance Beta
Having SPS in polycub is amazing , I feel this will be going to be have maximum number of transaction in this pool.
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I really do not understand a lot of the technical stuff here, but I recently registered on Splinterlands and have been enjoying playing there. So I believe any good development is a great step forward, kudos to the team on their continued hardwork.
Wow, good to know that splinterland has got some extra beneficial function.
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Is it pegged with SOS in any way? I wonder no.
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This is a strike and extending the PolyCUB platform with second layer tokens from Hive is a great chosen path. And starting with Splintershards (SPS) from the Splinterlands game when even in-game we get 60% for staking, will push the rewards more and more.
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Thank you Leofinance for this amazing addition to PolyCUB. The integration of pSPS signals a leap in GameFi opportunities for the benefit of PolyCUB investors.
I see a quick price run for SPS and POLYCUB in the coming weeks with this development.
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wow. I was waiting for this post after the twitter share and finally its here. pSPS-POLYCUB is great pool for SPS holder and a great opportunity for SPS holders. APr of 421% is just awesome and thanks leo team for adding it. kudos
It gets exciting every time a new asset is able to get bridged from Hive to Polycub. And it's even amazing that there's an LP of SPS on BSC! The liquidity over there is wow!
Finally, a very exciting day for SPS hodlers! All the best everyone!
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Hey guys, can you give the Docs an update?
Just the important little things like having the contract addresses available.
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Awesome what you guys are doing, it's great the value you are adding to the whole hive ecosystem by creating the hbd, hive and sps wrapped tokens.
This came with the quickness! Can't wait for pSTARBITS!
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A small SPS holder here. Moving forward to 2,000. The long-term goal is 10,000. I hope to achieve that by the end of the year.
I !LUV it. This is a great development and gives greater value to both platforms.
A humongous thanks!
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I believe this pool is quite beneficial for both Splinterlands owners and PolyCUB investors. SPS token generates staking value + Voucher rewards and PoL is going to grow with the value generated on this pool, too.
IMO, the TVL will skyrocket after the Presale Validator Node Sales on the 25th of May ✌🏼
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Informative 👍🏽
We already have some decent liquidity gathered up. I like how rapidly the developments have been going on. @spknetwork and @ragnarok.game should keep an eye on these numbers. They need serious liquidity across blockchains to properly accomplish their goals.
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There are many those who don't speak English in these countries. If there was a way to easily separate pages for them (eg: spanish.leofinance.io) and have authors specifically tag the language (eg: #leo-spanish) we could have some solid moves here. The competition is toughest in English. Focusing on other popular languages in crypto friendly regions could be an important step for @leofinance
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Please what is the pSPS contract address. I just wrapped some SPS and can't find it on the Polycib docs page
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This is real and pure development, totally sustainable and generous to all.
Thank you very much for this new door to generate extra income, it helps a lot now that the price of SPS is down and it is time to accumulate and with such a great APY, it will give a lot of value to my small investment, I will probably reach 10K SPS by the end of this year.
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Could someone help me here? To provide the liquidity, do I need to have pSPS and POLYCUB in my Polygon wallet? I have transferred some SPS through the pSPS bridge but when trying to add the liquidity, I do not have POLYCUB, where can I get POLYCUB? The Exchange option in Polycub takes me to SushiSwap, but the POLYCUB token does not appear there, where can it be bought, exchanged, or what is the matter? Is there something I'm not understanding or how does this work? I appreciate the help
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I have to read this again tomorrow morning when I have a fresher mind. There is so much good info here I don't want to miss any.
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