How SportX Plans to Supercharge DAI Adoption

Cementing DAI’s place as the reserve currency of Ethereum

DAI is the Holy Grail

MakerDAO achieved the holy grail of cryptocurrencies with DAI: a censorship-resistant, collateral-backed stablecoin.

By eliminating volatility and the requirement for a trusted intermediary, MakerDAO has created a stable, trustless medium of exchange for a decentralized economy.

While the MakerDAO CDP/DAI system is technically impressive, we’ve however found that non-crypto users struggle with the complexity. This has hurt adoption of DAI by the mainstream population.

To establish DAI as the dominant stablecoin, the community will need to continue to focus onDAI adoption, especially with new trusted stablecoins like TUSD and “Facebook coin” rapidly emerging.

In our view, DAI adoption is a simple formula consisting of three factors:

💰 Irresistible use case + 🤝 Easy access + 👨‍🎓 Education

= 🚀 DAI Adoption

In short, the mainstream user knowledge gap can be overcome by giving users a compelling reason to use DAI and lowering the friction to access it. This provides the necessary foundation for mainstream adoption.

SportX — the world’s first DAI-powered Dapp

Online sports betting is systemically rigged against bettors.

Sportsbooks like Bet365 are the definition of “the house.” They set their own odds and take the opposite side of every bet made by their users. For Bet365 to make money, they need their customers to lose more than they win.

To increase profits, sportsbooks do a number of things:

  1. 💸 High Fees: Sportsbooks charge extremely high transaction fees. The current industry average for “rake” hovers around 5–10% per bet. This means a user needs to win 55–60% of the time just to break even.
  2. ⬛️ Low Transparency: Sportsbooks provide little information to their users. Bettors have no way of knowing how odds are set, how maximum bet sizes are calculated, and how other bettors are betting.
  3. Winners Are Banned: Sportsbooks systematically ban winning bettors from using their platform. The few bettors that do win consistently face betting restrictions and/or account suspensions.

SportX is the world’s first Dai-powered sports betting exchange. It solves all three of these issues:

  1. 📊 Set Your Own Odds: On SportX, users set their own odds and bet peer-to-peer. Bettors compete with each other to offer bets, similar to how the stock market works. This competition leads to better odds for everyone.
  2. 😀 Complete Transparency: Every bet on the platform is settled on the Ethereum public blockchain, which creates a verified trail of every transaction. Bettors have access to all betting market data.
  3. 🏆 Built For Winners: It’s impossible to ban bettors from using SportX. Users log in to SportX through a crypto wallet that the users themselves control. Funds are stored in the wallet until the moment a bet is placed.

SportX Increases DAI Adoption

All bets on SportX are placed in DAI. With the addition of meta transactions in SportX v1, we remove the need for users to pay ETH gas fees.

This means SportX is the first end-to-end DAI dapp in the world.

Users simply need a web3 compatible wallet and DAI and they’re ready to use SportX.

The following three reasons are how SportX helps DAI adoption:

💰 Irresistible use case + 🤝 Easy access + 👨‍🎓 Education

💰Irresistible DAI Use Case

In the two months since we deployed SportX Beta, the platform has processed over 250,000 DAI of volume from 261 users. This proves that demand for DAI as a medium of exchange for prediction market dapps is extremely high.

Cumulative SportX DAI volume since launch

🤝 Easy DAI Access

The early success of SportX Beta revealed a key problem: mainstream users have difficulty converting fiat currency directly into DAI. To solve this, we built a bank account to DAI fiat on-ramp directly into our dapp:

From the SportX Canadian Dollar to DAI portal

👨‍🎓 Increased DAI Education

SportX is focused on the mainstream sports betting audience, many of which have little knowledge about cryptocurrencies and DAI. When we onboard new SportX users, we teach them:

  1. DAI’s unique position as a decentralized stablecoin
  2. How DAI maintains its USD peg
  3. How to buy, send, and use DAI

Driving DAI Adoption Forward with SportX

As the world’s first end-to-end DAI dapp, SportX has taken a leadership role in promoting DAI access and education to mainstream users.

Set your own odds and trade peer-to-peer on the world’s best crypto sports betting exchange. SportX v1 includes twelve popular sports markets: NBA, NFL, NHL, Premier League, Europa League, Champions League, Golf, UFC, ATP Tennis, WTA Tennis, NCAA Basketball and Football.

⬇️ ️ Join Us! ⬇️

🏦 Click here to try SportX v1! 🏦

🤗 Click here to join our community on Discord! 🤗