31 May 2021 Arjun Agarwal
SportX Bridges Sports Betting And Blockchain Technology With Native Token And Tournaments
The platform utilizes the Polygon blockchain for transactions, giving unprecedented flexibility and speed on bet executions. Polygon is an Ethereum layer-2 solution for scaling that allows for free and fast transactions.
Unlike other sports betting websites, SportX offers an additional layer of security to platform users by allowing players to place bets directly from their cryptocurrency wallets and browser extensions, while wagers are held in an escrow contract with guaranteed payouts. With the summer season around the corner, the SportX team decided to organize a large-scale Tournament that will incentivize all current and new platform users by earning extra on top of their bets. A compelling prize pool equaling $35,000 has been allocated for the entire length of the summer, starting in late May and finishing in late August. The Tournament offers 13 separate events, each of which has its own specifics.
SportX Summer Tournament Schedule
One of the most interesting events is the NBA Playoffs challenge, which is open until May 28 for all SportX users, with a $3,000 prize pool. The tournament events in June include the $2,000 Blowfish Open, which is aimed at investors with 10,000 or more SX tokens staked. The next event is the Roland Garros Special with a reward pool of $2,000, running between 6-9 Jun 2021. Also, the $2,000 Summer Open Qualifier, held between June 10 and June 13 would be a ranking tournament for the $10,000 SportX Open (Major).
The SportX Open (Major) event, starting from June 16 and ending on June 20, is open only to the top 40 participants in the $2,000 Summer Cup Qualifier, based on their net return. The prizes include Cup NFT and trollbox status for the winner and $2,500 worth of SX tokens.
June’s event calendar ends with two events: The first is the $1,000 F1 Challenge, the winner of which will receive a price of $300. The second event is the $4,000 Euro Knockout which will take place between 26-29 June and will be open to all bettors.
The SportX token – a way to earn and govern the platform
The SX token (SX) is at the heart of the platform, enabling decentralized community-driven governance that will ensure the SportX platform will continue its development. The token is based on the Ethereum ERC-20 standard, which also adds to the flexibility of the token.
The SX token can be used for governance and decision-making via staking. Staking protects SportX and its governance model by preventing users from buying SX tokens solely to vote on a specific proposal and then selling immediately after the vote.
Stakers would receive two types of rewards for participation in the governance of the platform. 5.00% of the total SX token supply (50,000,000) will be placed into a special SX Token Staking Contract for SX token stakers to earn. These tokens will be distributed proportionally to stakers at the end of each day at a rate of 0.10% of the total remaining balance each day.
Also, the SportX protocol has a 4.00% net profit fee of winning bets, with a percentage of the amount eventually going towards stakers. All DAI and ETH exchange fees are initially collected in the Community Fund, which is controlled by SX token holders.
To further incentivize SX token holders to stake, the majority of sporting tournaments have a minimum amount of staked tokens, which makes a given user eligible for entering the tournament. For example, the $2,000 Blowfish Open event is only eligible to users, who staked over 10,000 SX tokens.
By participating in the SportX community via betting and staking, users can navigate the project, propose improvements, and mine SX tokens. This way users have the power to bet, win, and govern the project.Ethereum Blockchain Press Releases Cryptocurrency rewards token tokens