SportX March 2021 Update

Recapping an extremely busy March and looking ahead to April!

SX Network

Published in

SX Network

5 min readApr 1, 2021

📊 Executive Summary

March represented another record-breaking month for the SportX protocol, once again achieving new all-time highs in betting volume and transactions. Meanwhile, technology development and community growth advanced at a furious pace.

📈 Volume grew +29% to a new all-time monthly high of $6,282,132
🏦 SX Community Fund has assets under management of $23,937,094
✅ Crypto Price Markets, Fast Exit, and Bet Slip 2.0 Upgrade launched
🚀 SportX Spring Cup, SushiSwap Onsen, and more partnerships
🔥 Launching Cashout, Charts and Crypto Price Markets 2.0 in April

The rest of the update dives deeper into the underlying fundamentals of the SportX network and gives an overview of all the activities of the SX community treasury, technology development, partnership review, and roadmap.

📈 Network Activity

SportX betting volume totalled $6,282,132 USD in March versus $4,875,298 USD in February, representing a 29% increase month-over-month:

In total, the community placed a total of 34,035 bets on SportX, with Basketball (55.7%), Tennis (19.2%), Hockey (10.2%), and Soccer (7.1%) markets leading the charge:

Overall, the average bet size on SportX was essentially identical to last month at $184. Ethereum network fees has again made it harder for small bettors to fund their accounts; hence the high average bet size.

🏦 SX Community Fund

The SX Community Fund currently has assets under management of $23,937,094, split across 211,549 DAI ($211,549), 42.66 ETH ($82,163), and 54,916,328 SX ($23,614,021):

The Community Fund was seeded with an initial 50,000,000 SX, and will be receiving an additional 478,000,000 SX over the next four years (vesting monthly). On February 1st and March 1st, the SX community fund received its first two vesting payments of 3,983,333 SX. It will receive its next vesting payment of 3,983,333 SX on April 1s, 2021.

The SX Community Fund also pays SX governance stakers each day, with the payout ratio initially set to 0.1% of the initial SX pool (50m SX). Since its inception, it has paid out a total of 3,040,154 SX to stakers. Since last month, the SX Community Fund SX holdings have increased by 86,032 DAI ($86,032), Ξ18.69 ETH ($35,996), and 2,531,061 SX ($1,088,356).

✅ Technology Releases

We had an eventful month of technology development, culminating in a number of bug patches, new features, and new markets:

Launched 📈 Crypto Price Markets 1.0, enabling SportX users to bet on the prices of Bitcoin and Ethereum.
Launched a new simplified betting experience called 💻 Bet Slip 2.0, which allows users to bet straight from the summary page and introduces a new bet order type (Market orders), while allowing users that like to set their own odds to still do so (with Limit orders).
We also launched our custom Polygon/Matic bridge for SportX users called ⏱️ Fast Exit, which significantly cuts down on the time and cost of transferring DAI/ETH between Ethereum and Matic.

🚀 Community Growth

SportX had an equally active month of community growth, with a number of marketing and business initiatives taking place to grow the platform:

Launched the SportX Spring Cup, a sports betting tournament featuring the 64 biggest bettors on SportX in a March Madness-style, single-elimination tournament. The tournament has been a huge success in engaging the community, and we’ll run more like them in the future.

Accepted into the SushiSwap Onsen Program to offer incentivized pools on their AMM. LPs on the main ETH/SX AMM pool will earn SUSHI tokens for providing their liquidity to them. SushiSwap is the 2nd largest AMM in the world after Uniswap and exists on the Ethereum network.

Launched a MakerDAO airdrop to the r/MakerDAO reddit community. We also launched a twitter poll and there seems to be a ton of interest in future airdrops to the $MATIC and $QUICK communities as well.

🔥 April Roadmap

April is going to be another big month for the SportX platform, with a bunch of new features and markets that the community have been asking for! Here are some of things launching in April:

Preparing to launch 📈 Crypto Price markets 2.0, which dramatically expands the ways SportX users can bet on the prices of Bitcoin and Ethereum, including far more strike prices and expiration dates

Preparing to launch 📈 Exchange Page 2.0, which comes with a massive design upgrade and adds new features like line-charts to show odds and line movement over time. It will also include price charts for the crypto price markets.

Hoping to launch 💳 Cashout way ahead of schedule in April (originally scheduled for July), depending on the contract audit timeline. Cashout allow users to cash out of their bets prior to settlement. This radically increases the flexibility of SportX; users can now cash out of a bet that they no longer like, lock-in profit or loss on a bet if the line moves, etc.