SX #40 - SX chugs along as FTX collapses
Plus our outside analyst gives you his prime picks for Crypto Fight Night!
☄️ Reflecting on SX and crypto armageddon
As most of you likely know, FTX - the 2nd largest crypto exchange in the world - has officially declared bankruptcy. This is truly a stunning turn of events from less than a week ago, when FTX had been widely seen as the pre-eminent blue-chip operator in crypto and had been the saviour of other companies in the space (BlockFi, Voyager, etc.)
To summarize, FTX’s sister hedge fund - Alameda Research - sustained heavy losses sometime in the last year, and plugged the gap by taking out risky loans and dipping into customer balances. FTX then experienced a bank run earlier this week, shut down withdrawals, attempted to orchestrate a bailout (which failed), and has now declared bankruptcy. Losses from FTX are projected to be over $10b.
Fear of contagion has spread throughout the crypto ecosystem, overshadowing an otherwise very positive week for the global macro environment. It’s likely that there will be multiple other entities that will fail over the next few weeks; BlockFi became the first casualty earlier today.
In this environment, survival is king. This benefits projects that have category-leading products, clear network effects, and strong protocol revenue. Bonus points go to projects with a core team with a clear long-term vision of the future that are well-capitalized and have done this before.
SX Network checks every box on that list:
✅ SX is by far the largest blockchain betting platform in the world with +$260m in bets and counting since inception
✅ SX Bet is the most liquid blockchain sports betting platform and SX Network is the first ever blockchain to launch that is designed for betting
✅ SX has generated +$3,500,000 and counting in protocol revenue since inception
The SX core team is not too shabby either:
✅ SX core team has been working on SX Network for over 4.5 years. The vision has been the same: create the largest blockchain betting platform in the world.
✅ SX recently closed a $9.5m Series A with some of the top crypto investors in the world
✅ The first three years of working on SX were done in the bear market of 2018-20. SX was quite literally born in a bear market.
With no exposure to FTX - nor highly related ecosystems like Solana - SX is well-positioned to emerge from the rubble even stronger than it was before.
🥊 Crypto Fight Night Prime Picks
The following preview has been written by an outside analyst for Crypto Fight Night - which is taking place tomorrow in Dubai! Check out the free stream here.
Main Event: Ponzi Trader vs. Trading Lord
Pick: Ponzi Trader -138
Ride the favourite in Ponzi Trader here over Trading Lord to win the WBC Crypto Title Fight. Ponzi took this fight over a year ago and has been training relentlessly since getting the call. With a slight reach advantage, unlimited cardio, balanced foundation, and athletic background, Ponzi can deliver on his earlier remarks “I’ll be dancing around him scoring points”.
A product of Donato De Martiis school of boxing, Ponzi should be able to take this fight easily. Trading Lord lacks speed, experience, and will forget to breathe under the lights compared to Ponzi who will keep his composure.
Ice Bagz vs. Erik Velie
Pick: Ice Bagz -215
Taking the 40-year-old Icebagz over Erik Velie in this 200lb heavyweight brawl. Icebagz has overwhelming power that Erik cannot handle. In response to one of Erik’s chirps on conditioning, Icebagz responded “I only need one round”.
His confidence, 20+ bar fights, training under Roy Jones Jr., and heavy hands will have Erik regretting his choice to step in the ring with this unit. Icebagz is being trained by the best in RJJ and has the entire Kanpai Pandas community rallying behind him, not to mention his wife and children back at home. Lock this guy in for a W.
Barney vs. Korean Jew
Pick: Korean Jew -113
This will be a very competitive fight between Barney and Korean Jew. After having seen both at the official weigh ins this morning, KJ looks absolutely shredded. KJ looks like he’s in much better shape than Barney. People are betting on Barney because of his fight video released on Twitter showing his agility and “Ryan Garcia-like” hands. However, speculation is circling around the authenticity of the video and whether it has been sped up.
KJ has the technique, cardio, and his right-hook looks dialled in, which should be enough for him to edge out Barney. These two are quiet, reserved, but fiercely competitive nonetheless. KJ at -113 is great value.
🎙️ Episode 3 of the SX Podcast has dropped!
Co-founder and Project Lead, Andrew Young, is joined by Coach Cryptos as they discuss a variety of SX Network topics. These topics include:
🎃 October Recap
📈 Launch of SX Analytics
🤝 Launch of SX Affiliates portal
🚜 SharkSwap farming corner
🛣️ SX November Roadmap - Polygon Bridge, New Deposit Flow, and 1x2
🥊 Quick Crypto Fight Night preview/teaser
And much, much more! Check it out today!
🎙️ SX aims to set a new standard in crypto project transparency. Stay updated with SX Weekly, the SX Monthly Report, and the SX Podcast 🎙️
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 largest blockchain betting platform in the world, with over $250,000,000 in betting volume since inception.