SX Weekly #8 - Bet Credits Launch
How bet credits will enable SportX to acquire new community members
📈 SX Snapshot
$SX Price: $0.74
SX Betting Volume (7d): $4.10m
SX Treasury Value: $53.58m
🏦 Betting Bonuses
Essentially every single online sports betting platform, no matter how large or small, offers some sort of welcome bonus to attract new players to their platform. The offer of free bonus money is enticing for new players, and thereby gets new bettors into the door to try out the site. Typically, these bonuses are structured as deposit bonuses.
SportX’s non-custodial nature is a revolutionary for bettors as it gives them unparalleled control and security over their funds. But it also makes it impossible to offer traditional welcome deposit bonuses to attract new users. However, with the recent launch of the Bet Credits feature, SportX can finally compete on an even playing field with traditional centralized sports betting platforms and offer a welcome bonus to new users.
💰 $1,000 Welcome Bonus
SportX is debuting this new feature by launching a $1,000 Bet Credit bonus to all registered users! Create a wallet today on SportX, pass verification, and start betting to receive up to $1,000 in free bet credits.
Bettors can use Bet Credits to place bets without risking their own crypto and they can be used on any sport across a wide range of markets. Any profits from bets placed with Bet Credits are added to your wallet.
📈 Supercharging Network Effects
Bet credits are an amazing tool for the SX platform to grow. SportX has been experiencing rapid volume growth over the last few weeks, growing from $1m to now $4m a week in bets. This translates into over $80,000 USD/week in protocol revenue for the SX Community Fund.
With this ever growing warchest, the protocol now has the ability to supercharge growth by simply redeploying revenue back into the new bonus campaigns, which in turn will feed volume and protocol revenue, and therefore increasing the warchest further. By doing so, the protocol can continue to easily attract new bettors to SportX and help exchange liquidity, while also building out the community ahead of the launch of SX Network.
🚜 SX Yield Farming
SX can be used to generate a yield by staking or providing liquidity in the following yield farms. Check out the liquidity channel, staking page or Youtube education series for more info on how to take advantage of these great opportunities.
💻 About SX Network
SX Network will be the first public blockchain to combine a smart contract platform with an on-chain community treasury and a native prediction market protocol. SX Network is a stand-alone smart contract blockchain built on the Polygon SDK. It is designed from the ground up for blockchain application developers with EVM-compatibility, low-cost transactions, and a PoS-based consensus model.