The most prominent blockchain prediction market ecosystem
DappRadar is happy to announce it will soon integrate SX Network and its ecosystem of dapps. SX Network is a stand-alone smart contract blockchain with a native prediction market protocol. It is designed from the ground up for blockchain application developers with EVM compatibility, low-cost transactions, and a PoS-based consensus model. Until the integration happens, we invite the DappRadar community to learn more about SX Network.
A prediction market is a market where people can trade contracts that pay based on the outcomes of unknown future events. Such as gambling and betting on sporting and real-world events.
SX Network consists of three interrelated platforms:
- SX Bet – Largest blockchain prediction market dapp in the world by volume.
- SX Protocol – Open-source smart contract protocol that facilities all SX prediction markets.
- SX Blockchain – Highly scalable, EVM-compatible blockchain built on Polygon Edge.
The SX token is the native token on the SX Network and has three purposes: to pay for transaction fees, use as the staking bond by validators, and to power governance.
SX Bet is a peer-to-peer betting exchange and the network’s leading dapp that allows users to offer and take bets. This is different from traditional sportsbooks, where users can only take bets provided by the company running the site. This peer-to-peer model of betting leads to better odds and removes the ability of owners to exploit the users for profit.
This style of a betting model also means there are no betting limits as you can offer or fill any offer available without limitation. Finally, one of the most significant advantages of a peer-to-peer exchange like SX Bet is entering your odds and fundamentally being the bookie. Furthermore, it is a non-custodial front-end interface that enables anyone with a Web3 wallet to place bets using the SX Protocol.
SX offers more than 550 different prediction markets per day and, over time, hopes to beat traditional sportsbooks by decentralizing market creation to the community. The ultimate aim is that in the future, creating a prediction market on SX will be as easy as creating a message on social media.
Scalability with Security
SX Network is built in conjunction with Polygon and from the ground up using Polygon Edge technology. Polygon is a framework for building and connecting Ethereum-compatible blockchain networks. It supports thousands of blockchain applications and secures over $5 billion in assets.
SX Network leverages the Polygon Edge to build a highly secure and scalable public blockchain. Blockchain applications can deploy on SX Chain on day one, knowing that their security and performance have already been battle-tested.
SX Network taps into Polygon’s security through the practice of state checkpointing. This is similar to Polygon’s functions, but SX uses Polygon directly as its host chain. By doing so, SX can utilize Polygon as its main bridge, while still being connected to other EVM-compatible chains such as Ethereum, BNB Chain, Fantom, etc. This makes it easy, fast, and secure to transfer assets to the SX Network from other blockchains. It also enables SX Network to leverage Polygon’s security while offering developers ultra-low transaction costs.
Why Developers Build on SX Blockchain
SX Blockchain is an easy choice for decentralized application developers due to several core reasons:
Specialization – SX Network represents a large community of blockchain prediction market users. This makes SX a good choice for blockchain developers to build products in the prediction market or gaming space. They can tap into a big community of prediction market users and developers to build their business.
Polygon Native: As the first Polygon Edge blockchain to go live, SX Network makes a solid choice for Polygon developers looking to tap into new sources of value. Polygon-based blockchain dapps can easily port their DeFi or NFT applications onto SX Network and tap into an entirely new community and ecosystem without detaching from Polygon.
Governance: SX Network is pioneering entirely new governance primitives that application developers can tap into. The team will soon release more info about these new primitives and how blockchain developers can create new products using it.
In March, the SX Network blockchain went live, making it the first Polygon Edge blockchain. Over 25 protocols and applications across the prediction market, DeFi, and NFT space deployed on SX so far.
Everything you need to know about the SX Network token
SX Network is committed to community-led growth, ownership, and development. The SX token will serve this purpose by enabling shared community ownership and decentralized governance for token holders.
SX Network uses SX as its built-in native unit of accounting. It serves a dual purpose, providing a mechanism to pay for transaction fees on SX Network. Participants can also use the token as the economic staking bond put up by SX Network validators to secure the network. Moreover, the SX token has three core and three secondary utilities within the ecosystem. You can dive into particulars of staking, transaction fees, governance, and other utilities of SX here.
Notably, the SX team is working with the Polygon Edge team to introduce an EIP1559-style burning mechanism so that the system burns a bit of SX on every SX Network blockchain transaction. Additionally, all protocol fees from SX-denominated prediction market trades are currently being burnt instead of routed to the SX Community Treasury.
Bridging assets into SX
SX Network can support any asset from a public blockchain that utilizes the Ethereum Virtual Machine (EVM) environment, e.g., Ethereum, Polygon, BNB Chain, and Tron. It also supports the creation of native SX Chain assets that users can bridge to other EVM blockchains.
Developers and users can move assets from other blockchains to SX Network by locking them into the Celer Network bridge. Celer Network validators run bridging logic. This bridging technology verifies when users lock an asset into the Celer bridge, and then place a copy of the asset into the user’s address on SX Network. Users can only transfer the assets once the other nodes in the network finalize the block containing the original bridge transaction. From there, they can freely move the assets within SX Network.
SX Network in Summary
SX was initially deployed on the Ethereum blockchain before becoming one of the first applications to launch on the Polygon PoS network in September 2020. This transition to Polygon PoS allowed the SX ecosystem to thrive. However, in the summer of 2021, the team noticed several long-term risks and limitations as a result of operating on Polygon PoS:
- Rising costs on Polygon. Gas prices on the Polygon PoS network are still meager, but they’ve increased by over 10,000x already since January 2021. Polygon’s continued growth threatens to price out smaller transactions over time.
- Blockchain sovereignty. The SX Protocol currently has no control over network architecture. Polygon PoS wasn’t customized to support unique use cases such as prediction markets like other generic public blockchains.
- Incentive alignment. SX Protocol may have different incentives than other stakeholders in the Polygon PoS chain. As Polygon continues to grow, these differing interests can strain. Building SX Network aligns interests across all stakeholders in the ecosystem, creating an ecosystem for the betting and prediction market.
The SX Blockchain is a dramatic expansion of the vision behind SX Protocol. It reimagines SX as a stand-alone public blockchain capable of solving these limitations and mitigating these long-term risks.
We at DappRadar are excited about the integration of SX Protocol into our ecosystem of tracked blockchains. Soon all visitors of DappRadar can discover various dapps on SX using the DappRadar Rankings. Stay tuned!