After Growing 1,600% This Year, SportX Solidifies Polygon Partnership to Maintain Ethereum Scalability While Increasing Transaction Speed
DUBAI, 12 November 2021 –The Ethereum scaling platform Polygon, which has helped millions of people join web3, is announcing a $500,000 contribution to SportX. SportX is part of the SX Network and its cross-chain dapp boasts the largest prediction market by betting volume.
In addition to the $500,000 in MATIC contribution from Polygon, SX Network is contributing $1 million in staked $SX toward the Bet Mining 3.0 campaign, bringing the entire incentive pool to $1.5 million. SX Network will give out $125,000 in weekly awards to protocol users in addition to normal wager winnings. On Mondays, rewards will be distributed depending on the preceding seven days’ betting volume.
“SportX is one of the fastest-growing platforms in blockchain,” Sandeep Nailwal, the Co-Founder of Polygon, said, “and we are happy to be working together. We provide the Ethereum scalability and transaction speed necessary for platforms like SportX to achieve their ambitions.”
WBettors go to SportX to engage in “the best betting incentive campaign ever, period,” as SportX defines it. While connected to the Polygon Network, users connect their Metamasks or create an “”email wallet and bet on sports, e-sports, or crypto prices using ETH or USDC. The platform restricts wash bets, which is the only rule.
SportX is the fastest-growing crypto prediction market, with yearly betting volume and income expected to increase by more than 1,600% by 2021. It’s a regulated web app that runs over 500 prediction markets every day and has processed over $76 million in wagers.
The SX Network will be the first public blockchain to integrate a smart contract platform, an on-chain community treasury, and a native prediction market system. Along with the SX Protocol and SX Blockchain, SportX is one of three layers that make up the SX Network. The SX protocol is a smart contract technology that supports the SX token and SX Treasury, as well as facilitating all prediction betting markets. SX blockchain is a highly scalable EVM-compatible PoS blockchain under final development, created with the Polygon SDK.
“This is a whale among incentive programs,” says Andrew Young, Project Lead at SportX. “It will turbo-charge user volume on SportX.” Building blockchain prediction markets is really difficult. They have small transaction quantities and are more susceptible to transaction price increases. The irreversibility of blockchains makes it impossible to connect traditional data streams, and there is a slew of other issues to contend with, such as latency. SportX has surmounted all of these technical challenges to establish a stand-alone sports prediction platform. We want to showcase the pioneering nature of the SX Network Blockchain we’re constructing with the Polygon Team, as well as the scale we’re achieving with this incentive program. In 2022, this Polygon “sister chain” will emerge, and SportX and several of Polygon’s newest Dapps will have a permanent home.”
“However, our ambition is far broader than sports betting. The largest unaddressed challenge in the crypto sector is blockchain governance. Prediction markets can help with this; rather of voting on choices, individuals can gamble on them, which is known as futarchy. The SX Network blockchain will be the first to employ futarchy and prediction markets to address the governance challenge.”
Both SportX and Polygon are backed by Kevin O’Leary, the outspoken venture financier best known as Mr. Wonderful on Shark Tank. He made the following observation: “Prediction markets and blockchain are two of my favorite things, and SportX is a brilliant startup doing amazing things in both. It’s exciting to see so many excellent concepts being developed on current blockchains like Polygon, which are very scalable. I’m optimistic about SportX, Polygon, and the future! “..
Polygon is the fastest-growing blockchain with a low-gas architecture and excellent speed. Sushiswap, Curve, Aave, Balancer, and Kyber are all DeFi bluechip Dapps that have integrated Polygon. This top Ethereum scaling platform works in tandem with the Ethereum network to increase functionality and foster infrastructure growth. Polygon does this through its several scaling solutions, which include Polygon PoS, Polygon SDK, Polygon Avail, Polygon Nightfall, and Polygon Hermez.
Notes for editors
1 SportX has implemented strict betting analysis tools to not count wash trading bets as eligible for Bet Mining 3.0 rewards. Accounts deemed to be wash trading will not receive rewards.
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Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, ~600M total transactions processed, ~60M unique user addresses, and $5B+ in assets secured.
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About 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. SX Network is a stand-alone smart contract blockchain being built on the Polygon SDK. It is designed from the ground up for blockchain application developers with EVM-compatibility, low-cost transactions, and a PoS-based consensus model.
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