Q2 Has Been More Productive Than It Seems
There is no doubt that Q2 of 2023 has been a rough one for Splinterlands. It started out fantastic with the launch of land 1.0, DEC nearing peg, and an excitement for all of the cool development ideas planned for the quarter.
Instead, after land 1.0 we got a promo card that sold less than 1/3 available copies, DEC retracing almost as low as $0.0007, SPS hitting new all time lows, and delays on Land 1.5 and Soulkeep. Sentiment around the community is not ideal right now.
There are some macro factors affecting the markets overall and I'm sure that plays into it, but if we want Splinterlands to be a game that thrives during bull and bear then we need to stop using macro as an excuse. The game should stand on it's own and while I think we can get there, we're not quite yet.
All is not lost though!
The Great Burning for the 5th Anniversary of the game came as a fantastic surprise and has burned a ton of DEC and DEC-B. In fact, since the beginning of the quarter with the launch of Land 1.0 we have burned a lot of DEC and reduced the circulation by over 25%.
If you remember, we were close to 6.4B in circulation on Hive not too long ago, so to see land burn over 1B and The Great Burning remove another 350M so far is rather productive. We are now just over 4.7B in circulation with 15 days left in the event and Land 1.5 around the corner. Assuming we see a little more fireworks as top leaderboard spots in The Great Burning jockey for position, we could be in a phenomenal position to end Q2 and welcome in all of the new potential sinks that Q3 have to offer - Land 1.5, new guild building, Soulkeep, and more!
It's hard to say what the rest of the summer will look like from a crypto perspective as regulators in the US are starting to crack down hard, but at least in the Splinterlands universe I'm looking forward to seeing the tokenomic health of the ecosystem improve dramatically over the next couple of months.
What are you looking forward to?
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I know it is likely way off in 2024 now, but I am very much looking forward to Rebellion and the very first modern format rotation event, bumping Untamed to wild. Format rotation is something I am sued to from playing Magic the Gathering, so I am very curious to see how it plays out in Splinterlands. I'm less concerned with the dip as I continue to DCA into the ecosystem (albeit at a much lower ratio than a year ago).