SportX connects sports betting and blockchain technology with native tokens and tournaments »CryptoNinjas
SportX is a well-established online sports and crypto betting platform, aimed at mainstreaming cryptocurrency and smart contract-based protocols. The platform uses the Polygon blockchain for transactions, providing unprecedented flexibility and speed in the execution of bets. Polygon is an Ethereum Layer 2 solution for scaling that enables free and fast transactions.
Unlike other sports betting sites, SportX offers an additional layer of security to platform users by allowing players to place bets directly from their cryptocurrency wallets and browser extensions, while that bets are held in an escrow contract with guaranteed payments.
As the summer season approaches, SportX has decided to host a full-scale tournament that will inspire all current and new users of the platform to win more and more of their bets. An irresistible prize pool of $ 35,000 has been allocated for the duration of the summer, starting in late May and ending in late August. The tournament offers 13 distinct events, each with its own specificities.
SportX summer tournament schedule
One of the more interesting events is the NBA Playoffs challenge, which is open until May 28 for all SportX users, with a prize pool of $ 3,000. Tournaments in June include the $ 2,000 Blowfish Open, which is open to investors with 10,000 or more SX tokens up for grabs.
Then the next event is the Roland Garros Special with a $ 2,000 prize pool, taking place from June 6 to 9, 2021. Additionally, the $ 2,000 Summer Open Qualifier, which will be held from June 10 to 13, would be a ranking tournament for the $ 10,000 SportX Open (Major).
The SportX Open (Major) event, which starts June 16 and ends June 20, is only open to the top 40 participants of the $ 2,000 Summer Cup qualifier, based on their net performance. Prizes include NFT Cup and troll-box status for the winner and $ 2,500 in SX tokens.
The June calendar of events ends with two events: the first is the $ 1,000 F1 Challenge, the winner of which will receive a prize of $ 300. The second event is the $ 4,000 Euro Knockout which will run from June 26-29 and will be open to all bettors.
The SportX token – a way to win and rule the platform
The SX token (SX) is at the heart of the platform, enabling decentralized community-driven governance that will ensure the SportX Platform will continue to develop. The token is based on the Ethereum ERC-20 standard, which also adds to the flexibility of the token.
The SX token can be used for governance and decision making through staking. Staking protects SportX and its governance model by preventing users from buying SX tokens only to vote on a specific proposition, and then selling them immediately after voting.
Actors would receive two types of rewards for their participation in the governance of the platform. 5.00% of the total SX Token Supply (50,000,000) will be placed into a special SX Token Staking Contract for SX Token players to win. These tokens will be distributed proportionally to the stakers at the end of each day at the rate of 0.10% of the total balance remaining each day.
In addition, the SportX protocol provides for a charge of 4.00% on the net profit of winning bets, a percentage of the amount eventually going to the players. All DAI and ETH exchange fees are initially collected in the community fund, which is controlled by the SX token holders.
To further encourage SX token holders to wager, the majority of sports tournaments have a minimum number of tokens wagered, which makes a given user eligible to participate in the tournament. For example, the $ 2,000 Blowfish Open event is only eligible for users who have wagered more than 10,000 SX tokens.
By participating in the SportX community Through betting and staking, users can navigate the project, suggest improvements, and mine SX tokens. In this way, users have the power to bet, win and rule the project.