THE WORLD’S LARGEST BLOCKCHAIN BETTING EXCHANGE SAT DOWN WITH GAMING_API TO DISCUSS DECENTRALIZED BETTING, SCALING ITS NETWORK AND WHY GROWTH IS SO IMPORTANT.
Please could you introduce our readers to SX Network?
SX Network is the largest blockchain betting exchange in the world by both volume and users. We have done over $265m in volume and processed more than two million unique bets since inception in 2019.
Our entire thesis is that decentralized, community-owned and operated betting exchanges are far superior to their centralized counterparts. Our motto is “don’t just beat the house, own the house”.
The core team behind SX Network was using the traditional betting platforms like Bet365, FanDuel and DraftKings, but we were winning and eventually getting restricted, limited and then banned.
Our goal is to create a transparent financial system for prediction markets. At our core, we are a peer-to-peer exchange, unlike the traditional sportsbooks you see today. Traditional centralized systems prey on their users and make profit when their users lose. We are flipping the script on the “You vs The House” model where the house always wins, and giving users a community owned, transparent, peer-to-peer platform.
What makes SX Network a perfect layer-two for betting products compared to other chains?
We started on Ethereum back in 2019. DeFi summer hit, and gas prices went through the roof. Because we cover gas fees for our users’ bets, we were forced to pivot chains.
We did a ton of market research and landed on Polygon as the scalable L2 solution for Ethereum. But much like Ethereum, Polygon is going through the same growth trajectory, and along with that came increased gas fees so we launched our own EVM-chain SX Network. The low gas fees on SX Network help ensure scalability of projects.
We now have 10+ dapps deployed on SX Network and are well positioned to become the prediction-market use case chain. Similar to how Ronin is for P2E (Axie) and Osmosis is for DEXs, SX will be for prediction markets.
Tell us about SX.Bet. What value does it bring to users?
Think of SX.Bet as a top casino and SX Network as Vegas. SharkSwap (our native DEX), Celer (our bridge infrastructure), UMA (our Oracle), and 10+ partner projects are already deployed on SX Network.
SX.Bet brings significant value that centralized sportsbooks don’t offer. It’s non-custodial, which is very important in this macro environment. All you do is connect through your MetaMask, the bet is escrowed in a smart contract on the backend, and is settled and resolved instantly on chain.
We’ve also added a series of features which set it apart from traditional sportsbooks. This includes bet mining, where 150,000 $SX is distributed each week to users based on their bet volume. Users can also bet in $SX, earn by staking $SX, as well as engage in DeFi activities, giving the token high utility. SX governance token can be staked and used to govern future marketing, financing, and managerial decisions.
Users can offer odds using limit orders, setting the odds themselves. For example, they can offer 50k on Raptors vs. Bucks at a specific price of their choosing. We incorporate a team of market makers providing baseline depth and liquidity across all major markets, and offer more than 550 markets every day.
We host a wide variety of tournaments and frequently partner with other projects for events.
What has the reception been to SX Bet? Can you share any data on the success it has enjoyed so far?
The reception to SX Bet has been phenomenal. We’ve built an amazing community, and our user retention is extremely high. We are a true blue-chip crypto project focused on creating the best experience for our users.
We take pride in transparency so our real-time volumes can be viewed here: https://sx.bet/analytics.