SX Network — 2022 Year in Review
Looking back at another year of growth in the SX ecosystem
What an incredible journey it’s been for SX over the past year!
We’re excited to share everything happening in the SX ecosystem, highlighting the incredible growth of SX and dozens of new partnerships — from bridges to custody solutions to infrastructure integrations.
Between 2019 and 2021, there was a total of ~$100m in volume bet on SX. In 2022, a rapid influx of new partnerships and product features resulted in SX hitting an all-time high in bet volume, at over $280m.
Now, it’s time to review the past year!
📊 By the Numbers
In 2022, the SX protocol saw volume of ~$180m across +500,000 bets. This was our biggest year ever and represented ~2x growth on 2021 ($92m). With most other DeFi and crypto projects seeing their revenue fall by over 90% in a year of full of crypto headwinds, 2x growth on the year is industry-leading.
To date, SX has enabled over $280 million in total bets from more than +1m bets, from over 10,000 users across the SX Network ecosystem:
In 2022, the SX Protocol generated over $2m in total protocol revenue. To date, SX has generated $3.73 million in total protocol revenue:
SX Network introduced SX-denominated betting in March of this year. All exchange fees from SX betting are automatically burned. To date, over 500,000 SX was burned in the past twelve months. This represents 0.15% of the circulating supply.
You can track all SX Bet stats in real-time on the SX analytics page.
🎉 2022 Highlights
💰 Strategic Funding
On April 28th, we announced that we had closed a $9.5 million funding round!
The financing was led by crypto venture fund Hack VC with several other investors in this round, including funds CMCC Global, Nascent, FJ Labs, and several prominent crypto angel investors such as the founder of UMA Hart Lambur, Betfair co-founder Josh Hannah, among many others. Polygon participated as well.
Andrew, the project lead at SX Network, said about the round:
We’re thrilled to welcome these new partners and investors to our project. We are all aligned in our mission to build a scalable platform for Web3 betting, DeFi, and NFT products. Being the first Polygon Edge blockchain to launch gives us a first-mover advantage, which we are eager to take advantage of.
🚀 Launch of SX Bet on SX Network
On August 30th, SX Bet officially migrated to SX Network!
This migration had been many months in the making and it was really exciting to successfully deploy before the Fall sports season.
Users saw immediate improvements in performance and speed with SX Bet on its own chain. Gas fees on SX Network are 99% lower than Polygon PoS, and all transaction fees now become revenue for SX Network. Longer-term, this migration sets the stage for the next evolution of SX Bet, which we’ll be announcing in the upcoming weeks.
🔬 SX Technology and Business Development
There have also been major developments in technology and business beyond the huge releases of SX Network and SX Bet’s migration.
- 💧Asymmetric Maker-Taker Fees: SX Bet launched asymmetric taker-makers fees earlier this year, with market-maker fees being reduced by 50%. This came after a successful governance proposal to do so.
- 📊 SX Analytics: The new SX analytics platform went live for use at SX.bet/analytics. The page has a ton of visual and statistical data about the state of all aspects of the SX Bet protocol and replaces the previous all-time volume counter at the top of the site.
- 🧱 Odds Ladder & Priority: SX launched an ‘odds ladder’, which essentially protects both users and market makers from front-running by mandating a minimum increment by which you can price bet offers.
There were a number of developments on the business front as well! Here are a few of the highlights from the past year:
- 🌉 Celer cBridge goes live on SX Network: Celer enables the seamless bridging of assets between EMV-compatible blockchains and ERC-20 tokens. To strengthen the SX and Celer partnership, SX Network and Celer each provided $250k to go into a dual reward LP farming campaign.
- 🛡️ Fireblocks adds support for SX: Fireblocks is an easy-to-use platform that creates innovative products on the blockchain and manages day-to-day crypto operations. This integration made it possible for their clients to safely store and stake SX tokens from within their platform.
- 🔢 API3 launches on SX Network: API3's QRNG, deployed on SX Network. This integration means that developers tapping into the SX Network protocol are able to utilize true, quantumly generated, randomness within their smart contracts.
These highlights are amongst many, many other developments this year.
🚀 Looking to 2023
We’ve got some big plans for 2023 and beyond. We’ve published a number of roadmaps for the next year, including:
We also released the SX Master Plan earlier last year, which is worth another read to freshen up on SX’s long-term vision and mission.
Don’t forget to join the official SX Network Discord server, where you can chat with the SX community and learn more about all of the exciting things happening in the ecosystem. And don’t forget to subscribe to SX Weekly for constant updates on the SX Network ecosystem
Thanks for tuning in. We can’t wait to see what 2023 brings!
About SX Network
SX Network combines smart contracts with an on-chain treasury and prediction market protocol. SX Network is perfect for developers with EVM-compatibility, low-cost transactions, and PoS-based consensus. SX.Bet is the #1 prediction market dapp by betting volume across all chains. All bets are peer-to-peer and settled on-chain. SX Bet has processed +$280,000,000 in betting volume.