2 days ago · 3 min read
Polygon › Investments
Polygon contributes $500,000 in MATIC to Ethereum prediction dApp SportX
SportX - growing at 1,600% in 2021 - deepens partnership with Polygon to drive the Ethereum scalability and transaction speed necessary to achieve its ambitions.
Polygon, an Ethereum scaling platform onboarding millions to the Web3, today announces it has contributed $500,000 to incentivize further volume building on SportX, part of the SX Network and the largest prediction market dapp by betting volume across all chains.
Polygon is a fast-growing blockchain with high speed and low gas infrastructure. DeFi bluechip Dapps including Sushiswap, Curve, Aave, Balancer, Kyber all integrated Polygon. This leading Ethereum scaling platform works in parallel with the Ethereum network to improve functionality and promote infrastructure development.
Polygon makes a MATIC bet
In addition to the $500,000 in $MATIC from Polygon, SX Network is putting in $1 million of staked $SX to its Bet Mining 3.0 campaign, taking the total incentivization pot to $1.5 million. Every week, SX Network will be paying out $125,000 in rewards on top of regular bet winnings to users of the protocol. Rewards will be paid out on Mondays based on the previous seven days betting volume.
“SportX is one of the fastest-growing platforms in blockchain, 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,” said Polygon co-founder Sandeep Nailwal in a statement.
To participate in what SportX describes as “the best betting incentive campaign ever, period”, bettors go to SportX.bet, connect their Metamasks or create an email wallet while connected to the Polygon Network and bet on sports, e-sports, or crypto prices using ETH or USDC on SportX. Other than excluding wash bets1, there are no other requirements or stipulations.
SportX is the fastest growing crypto prediction market, on track to grow annual betting volume and revenue by more than 1,600% in 2021. It is a regulated web application that hosts more than 500 prediction markets daily and has facilitated more than $76M in bets.
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. SportX is one of three layers comprising the SX Network, alongside the SX Protocol and SX Blockchain.
SX protocol is a smart contract protocol that facilitates all prediction betting markets and enables the SX token and SX Treasury. SX blockchain, in final development, is a highly scalable EVM-compatible PoS blockchain, built using the Polygon SDK.
Kevin O’Leary, the outspoken venture capitalist best known as Shark Tank’s Mr. Wonderful, is an investor in both SportX and Polygon. He commented: “I love prediction markets, I love blockchain, and SportX is a fantastic company doing great things in both. It’s great to see so many great ideas being built on highly scalable, modern blockchains like Polygon. I’m bullish on SportX, bullish on Polygon, and bullish on the future!.”