Mar 1, 2021

5 min read

SportX February 2021 Update

Recapping February 2021 and looking ahead to March!

📊 Executive Summary

February was a banner month for the SportX protocol, achieving significant milestones across betting volume, SX treasury value, technology development, and partnerships.

📈 Volume grew 445% to a new all-time monthly high of $4,875,298
🏦 SX Community Fund has assets under management of $26,123,652
✅ Two New Sports launched (Esports, Rugby) + Staking Upgrade
🚀 SportX Cup and QuickSwap Partnership drove growth
🔥 Launching Fast Exit, Bet Slip 2.0 and Crypto Price Markets in March

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 $4,875,298 USD in February versus $889,382 USD in January, representing a 445% increase month-over-month:

In total, the community placed a total of 26,196 bets on SportX, with Basketball (49.4%), Hockey (20.0%), and Soccer (16.6%) markets leading the charge:

Overall, the average bet size on SportX increased pretty substantially this month to a $186. This was likely due to the start of the SX bet mining program, which rewards larger bets proportionally larger SX rewards. Additionally, the increase in Ethereum network fees has made it harder for small bettors to fund their accounts.

🏦 SX Community Fund

The SX Community Fund currently has assets under management of $26,123,652, split across 125,517 DAI ($125,517), 23.98 ETH ($33,572), and 52,385,212 SX ($25,983,065):

The majority of the SX community fund is of course made up of its SX holdings. Given that fact, the financial value in the fund is inextricably linked to the price of SX on the open market. Fortunately for the fund, the price of both ETH (+8%) and SX (+75%) performed well this month:

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, the SX community fund received its first vesting payment of 3,983,333 SX. It will receive its next vesting payment of 3,983,333 SX on March 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 1,599,000 SX to stakers. Since January, the SX Community Fund SX holdings have increased by 125,517 DAI, 23.97 ETH, and 2,385,212 SX.

✅ Technology Releases

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

Launched 🎮 Esports markets, enabling SportX users to bet on League of Legends (LPL, LCK, LEC, LCS), DOTA2, Call of Duty, and CSGO matches.
Released an upgrade to the SX staking contract, lowering the cool-down period for people unstaking SX from 30-days to 14-days, which brings it in-line with industry standards.
Launched 🏉 Rugby Union markets, letting users bet on the spread and winner of the Rugby Six Nations Championship matches that are currently on.
Expanded coverage of 🥊 UFC markets, enabling bets on events that are more than a week away, with full coverage of fight cards (including bets on the total number of rounds in the fight).

🚀 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 Cup, a sports betting tournament featuring 16 of the best sports handicappers in the world competing against each other. It was very active tournament, with two prominent bettors @BetPlaya and @tvaellatips still battling it out in the finals at the time of writing.

Partnered with QuickSwap to offer incentivized pools on their AMM. LPs on three different pools (ETH/SX, QUICK/SX, and DAI/SX) earn QUICK tokens for providing their liquidity to them. QuickSwap is a recently launched fork of Uniswap that exists on the Matic network.

Partnered with the Crypto Testers community on the Crypto Testers Cup, which is an invite-only private tournament on SportX for their community. Crypto Testers is a Telegram-based community of crypto and DeFi power users. This served as a pilot project for our new Private Tournament feature.

🔥 March Roadmap

March is going to be a big month for the SportX platform, as we’re going to be releasing some new features and markets that the community have been asking for! Here are some of things launching in March:

Preparing to launch 📈 Crypto Price markets, enabling SportX users to bet on whether prices of Bitcoin and Ethereum will be above or below different prices by different points in time.

Think Bitcoin price is about to skyrocket? Soon you’ll be able to bet on it at SportX

Releasing a new simplified betting experience we’re calling Bet Slip 2.0. This feature will allow users to bet straight from the summary page if they choose, without having to go to the order book. It also 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). Bet Slip 2.0 dramatically simplifies the UX for recreational bettors, by hiding the complexity of exchange order books from them, while still giving sophisticated bettors access to them if they so choose.

Preparing to launch ⏱️ Fast Exit, a custom Polygon/Matic bridge for SportX users. This custom bridge will dramatically increase the speed of conversions of Ethereum DAI/ETH into Matic DAI/ETH for everyone, while allowing us to lower the costs of doing so for ETH bettors.