SportX April 2021 Update
Recapping April and looking ahead to May!
📊 Executive Summary
April was another record-breaking month for SportX, with the protocol once again achieving new all-time highs in betting volume and transactions.
- 📈 Volume grew +14% month-over-month to a new all-time monthly high of $7,140,292
- 🏦 SX Community Fund has assets under management of $40,689,870
- ✅ Charts, Stats Widget, CPM 2.0 & USDC betting launched in April
- 🚀 SportX Spring Cup, The Dragon Cup, and Governance launches
- 🔥 Launching Cashout and Native Token Swapping in May
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 totaled $7,140,292 USD in April versus $6,282,132 USD in March, representing a 14% increase month-over-month:
In total, the community placed a total of 30,930 bets on SportX, with Basketball falling with the end of March Madness (39.3%), and Other (17.8%), Soccer (14.7%), and Hockey (14.4%) markets leading the charge:
Overall, the average bet size on SportX grew pretty significantly this month to $230.85, mostly due to the increase in Ethereum prices enabling ETH bettors to place proportionally larger bets with the same amount of ETH. Ethereum network fees also fell this month, making it cheaper for ETH-based bettors (who tend to be bigger bettors) to fund their accounts.
🏦 SX Community Fund
The SX Community Fund currently has assets under management of $40,689,870, split across 284,820 DAI ($284,820), 65.97 ETH ($207,607), and 57,466,956 SX ($40,226,869):
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 May 3rd, 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 4,581,856 SX to stakers. Since last month, the SX Community Fund SX holdings have increased by 73,271 DAI ($73,271), Ξ23.31 ETH ($73,368), and 2,550,628 SX ($1,785,43).
✅ Technology Releases
We had an eventful month of technology development, culminating in a number of bug patches, new features, and new markets:
- Launched the 📈 SportX Charts, which are customizable and let you view odds data from last 24 hours (30-minute ticks), last 6-hours (10-minute ticks), and last hour (1-minute ticks). Charts are a big step towards providing SportX bettors with far more transparency and market data than any traditional bookmaker ever would.
- Launched a customizable 📊 Pre-game and In-game stats widget to the exchange page. Track the flow of the game, see previous head-to-head matchups, review in-depth in-game stats, read up on important events, and much, much more
- Launched 📈 Crypto Price Markets 2.0, which dramatically expanded the ways SportX users can bet on the prices of Bitcoin and Ethereum, including far more strike prices.
- Launched 💸 USDC Betting, enabling bettors to place and offer bets in the USDC stable coin. This is our third currency on the site that bettors can now place bets with.
🚀 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:
- Completed the 👑 SportX Spring Cup on April 6th. Congrats to our winner DOUBLEJ. This was our most engaging tournament yet, expect many more like it
- Co-hosted the 🐉 QuickSwap Dragon Cup, which had more than 185 bettors compete in a SportX Betting tournament for $5,000 in prizes and helped introduce the QuickSwap Community to SportX
- Launched 🏛 SportX Governance, which allows members from the community to suggest, propose, and debate changes to SportX — and holders of staked SX tokens can vote on whether to implement the changes. Our first two proposals already went live for voting!
🔥 May Roadmap
May is going to be massive 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 May:
- Waiting for audits to launch 💳 Cashout feature. Given the current crypto market, audits are delayed across the industry at the moment. 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.
- Looking to launch ⚖️ Token Swap, enabling SportX users to natively swap between tokens on the SportX app by tapping into the QuickSwap AMM pools for liquidity. We built the UI natively into the SportX app so that the process is seamless for swapping tokens.
🏟 Community Links
Make a bet on the SportX Exchange, follow us on Twitter and Medium, and join the SportX community Discord!