SportX and Polygon Announce the World’s Largest Bet Mining Incentive Pool, $1.5M
DUBAI, 12 November 2021 – Polygon, an Ethereum scaling platform that has assisted millions of individuals in joining web3, has just announced that it will be contributing $500,000 to SportX. The cross-chain decentralised application that SportX, which is a member of the SX Network, offers boasts about being the world’s largest prediction market by betting volume.
Bet Mining 3.0 will have a total incentive pool of $1.5 million thanks to contributions from Polygon worth $500,000 in MATIC and SX Network worth $1 million in staked $SX. Polygon’s donation of $500,000 in MATIC will be added to this total. In addition to the standard earnings from wagers, SX Network will be awarding a total of $125,000 in weekly prizes to protocol users. On Mondays, awards will be paid based on the total amount of money wagered over the previous week’s worth of games.
Sandeep Nailwal, the Co-Founder of Polygon, stated that they are thrilled to be collaborating with “SportX,” which he referred to as “one of the fastest-growing platforms in blockchain.” We make it possible for platforms like SportX to realise their full potential by providing the Ethereum scalability and transaction speed that they require.
WBettors want to participate in what SportX calls “the best betting incentive programme ever, period.” These customers flock to SportX to do so. Users can connect their Metamasks or create an email wallet while connected to the Polygon Network. They can then use ETH or USDC to place bets on the outcomes of sporting events, e-sports competitions, or the prices of cryptocurrencies. The only rule that applies is that the platform does not allow wash bets.
The annual betting volume and profits are projected to increase by more than 1,600 percent by 2021 for the SportX market, which is the crypto prediction market that is expanding at the fastest rate. It is a regulated web service that processes over $76 million in wagers and conducts over 500 prediction markets each and every day.
The SX Network will be the first public blockchain to have a native prediction market system, an on-chain community treasury, and a smart contract platform. One of the three layers that go into making up the SX Network is called SportX. The other two layers are the SX Protocol and the SX Blockchain. The SX protocol is a form of the smart contract technology that not only enables all prediction betting markets but also provides support for the SX token and the SX Treasury. SX blockchain is a highly scalable EVM-compatible PoS blockchain that was developed with the Polygon SDK and is currently in the final stages of development.
According to Andrew Young, who serves as the Project Lead at SportX, “This is a whale among incentive programmes.” “It will exponentially increase the number of users on SportX.” Developing prediction markets on a blockchain is a pretty challenging endeavour. They engage in transactions in very modest numbers, making them more vulnerable to fluctuations in transaction prices. Due to the immutability of blockchains, it is not viable to connect traditional data streams. Additionally, there is a plethora of other concerns to take into consideration, such as latency. As a result of overcoming all of these technical obstacles, SportX is now able to operate as a fully independent sports prediction platform. Both the innovative character of the SX Network Blockchain, which we are building in collaboration with the Polygon Team, and the size that we are attaining as a result of this incentive programme will be highlighted in this presentation. This “sister chain” of Polygon will come into being in 2022, and it will provide SportX and several of Polygon’s newest Dapps with a permanent home.
“However, our goals go well beyond merely offering betting on sporting events. The governance of blockchains presents the crypto industry with its most significant unsolved problem. This can be helped by prediction markets; instead of voting on options, individuals can gamble on them, which is an example of the political system known as futarchy. The governance dilemma will be tackled head-on for the first time by the SX Network blockchain, which will be the first to use futarchy and prediction markets.
Kevin O’Leary, the outspoken venture financier who is most known for his role as Mr. Wonderful on the television show Shark Tank, is behind both SportX and Polygon. The following is a remark that he made: “Prediction markets and blockchain are two of my favourite things, and SportX is an incredible startup that is doing tremendous things in both of those areas.” It’s amazing to see so many great ideas being built on existing blockchains like Polygon, which are able to accommodate a great deal of growth. I have high hopes for the future of SportX, Polygon, and the industry as a whole!
Polygon is the blockchain that is expanding at the fastest rate, and it has an architecture that uses very little gas. DeFi bluechip Dapps such as Sushiswap, Curve, Aave, Balancer, and Kyber are all examples of applications that have integrated Polygon. This leading Ethereum scaling platform collaborates with the Ethereum network to expand functionalities and encourage the expansion of underlying infrastructure. This is accomplished by Polygon through the use of its several scaling solutions, which include Polygon PoS, Polygon SDK, Polygon Avail, Polygon Nightfall, and Polygon Hermez.
Remarks for the editors
1 SportX has put in place stringent betting analysis techniques to ensure that wash trading bets are not counted as qualifying for Bet Mining 3.0 prizes. Accounts that are judged to be engaging in “wash trading” will not be eligible for awards.
Concerning the Polygon
Polygon is the preeminent platform for scaling Ethereum as well as developing its underlying infrastructure. Developers have easy access to all of the major scaling and infrastructure solutions thanks to its expanding suite of products, which includes L2 solutions (such as ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have been widely adopted, as evidenced by the fact that more than 3000 applications have been hosted, approximately 600 million total transactions have been processed, approximately 60 million unique user addresses have been secured, and more than $5 billion in assets have been protected.
If you’re currently developing for Ethereum, then you’re already developing for Polygon! Start utilising Polygon’s lightning-fast and secure transactions for your decentralised application (Dapp) here.
Regarding the SX Network
SX Network will be the first public blockchain to combine a smart contract platform with an on-chain community treasury and a native prediction market protocol. This will make it the first blockchain to offer all three features simultaneously. SX Network is an independent smart contract blockchain that is being developed using the Polygon Software Development Kit (SDK). It features EVM compatibility, low-cost transactions, and a consensus methodology that is built on proof-of-stake in addition to being developed from the ground up for blockchain application developers.