Discover the future of sports betting, control your own game, and reap the DeFi rewards.
SX Bet is the largest blockchain betting exchange in the world by both volume and users. The platform operates as a non-custodial, peer-to-peer sports betting prediction market, ensuring a secure and engaging user experience. Built on the SX Network, an EVM-compatible Polygon Edge application blockchain, SX Bet has the potential to revolutionize sports betting by effectively leveraging cutting-edge technology.
The global sports betting market is a multi-billion-dollar industry that continues to grow. It is projected to reach a staggering $90 billion in 2024, growing at a 10% CAGR. The opportunity to innovate is immense.
SX Bet stands at the crossroads of the booming sports betting and cryptocurrency sectors, poised to leverage the best of both worlds. It focuses on three key challenges in the industry: poor user experience, low trust, and subpar odds.
By thoughtfully tackling these issues, SX Bet aims to create a seamless, reliable, and competitive platform, ultimately revolutionizing the sports betting landscape through technology and trust.
Content
- What is SX Bet?
- Advantages of SX Bet over traditional betting platforms
- Bridging tokens to SX Network
- Impressive growth and traction
- Gearing up for a game-changing year
What is SX Bet?
SX Bet is a peer-to-peer betting exchange that allows users to both offer and accept bets, rather than being limited by traditional sportsbooks. As part of the SX Network ecosystem, SX Bet is transforming the sports betting industry by leveraging blockchain technology and offering a unique betting experience.
Notably, the sports betting platform is experiencing rapid growth, with over $300 million in cumulative bet volume and more than $4 million in protocol revenue since its inception.
SX Network operates under the regulations of Ireland and Curacao, with a dedicated legal team ensuring compliance with international laws. In addition, the platform is geo-blocked in regions where gambling is not legalized to maintain its commitment to responsible betting.
Advantages of SX Bet over traditional betting platforms
Decentralized sports betting model
Unlike traditional sportsbooks that offer odds set by the company running the platform, SX Bet allows users to create their own odds, fostering competition and offering better odds for bettors.
Additionally, traditional sportsbooks may limit winning bettors, kick successful bettors off the site, or refuse to honor withdrawals. In contrast, SX Bet enables peer-to-peer betting without losing custody of funds, eliminating the ability of platform owners to exploit users for profit.
SX Protocol powering the prediction market ecosystem
SX Protocol, a set of open-source smart contracts, underpins SX Bet’s prediction market ecosystem, allowing for transparent and non-custodial bet processing and settlement.
The protocol also enables shared liquidity, allowing different front-end interfaces or decentralized applications (dapps) to plug into bets offered on other front-end interfaces. This leads to exponential scaling and draws more users to the ecosystem, fostering a more decentralized and censorship-resistant platform.
SX Network, the Backbone of the ecosystem
Initially deployed on the Ethereum blockchain in 2019, SX Bet migrated to the Polygon PoS network due to high gas fees on Ethereum. As the network became more congested, SX Network partnered with Polygon to create the first Polygon Edge blockchain.
This EVM-compatible blockchain provides numerous advantages, including easy migration for existing Polygon developers and unlocking new value streams for the SX token.
The SX Token, a multi-functional asset
The SX token plays a crucial role in the SX Network ecosystem. It provides holders with exposure to transaction fees on SX Bet, which is the fundamental technological utility of the smart contract protocol. Notably, SX ranks as the 11th highest fee-generating blockchain globally, highlighting its healthy growth.
The token also offers exposure to the economy of future applications developed on the SX Network blockchain.
SX has several other utilities. For instance, with the launch of SX Network, the SX token now also functions as a utility token for users to pay validators for securing the network and as an economic staking bond for validators.
Furthermore, it allows token holders to vote on proposals and protocol upgrades. This promotes community ownership and decentralized governance, giving token holders a say in the direction of the ecosystem.
Bridging tokens to SX Network
Interoperability is a crucial feature of the SX Network. It aims to support bridging assets from other Ethereum Virtual Machine (EVM) environments, such as Polygon, BNB Chain, and TRON.
To achieve this, SX Network employs Celer Network’s bridging architecture, which allows assets to be locked into the Celer Network bridge before being transferred to the user’s SX address. Additionally, users can migrate their assets from other EVM blockchains to SX Network via third-party relayer bridges quickly.
Impressive growth and traction
SX Bet boasts a staggering all-time trading volume of $330 million, with thousands of transactions on the platform daily.
According to DappRadar, SX Bet has exhibited a robust stats performance over the last 90 days. It attests to the platform’s ability to cater to users’ needs and maintain its user base.
Gearing up for a game-changing year
SX Network is ready to unleash potential further in 2023. It aims to achieve accelerated growth by introducing the SX Merge, peer-to-peer parlays, and launching a cross-chain betting platform.
The SX Merge, a major upcoming development, will fully decentralize reporting and redirect all protocol revenue to stakers, offering SX token holders a +15% real yield. This move will further establish the SX Network as a decentralized and community-driven platform.
SX also plans to introduce the world’s first peer-to-peer parlay betting market, offering a potential +15% improvement in odds compared to traditional platforms. The parlay feature makes sports betting more exciting and potentially profitable.
Finally, an innovative hub-spoke liquidity design that the team will implement to make SX the first cross-chain betting platform. It aims to enhance interoperability and accessibility, enabling a wider audience to participate in sports betting across different blockchain networks.
If you want to learn more about the SX Network and its innovative features, explore the platform and how it can enhance your sports betting experience.
Learn more about SX Bet
Disclaimer — This is a sponsored article. DappRadar does not endorse any content or product on this page. DappRadar aims to provide accurate information, but readers should always do their own research before taking action. Articles by DappRadar can not be considered as investment advice.
