Blazing the Trail for Blockchain Betting
Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.
The crypto world is full of potential as decentralized technology finds applications in virtually every industry. One of the promising applications is in the betting industry, which can make use of blockchain technology to give users more advantages in their hobby. There are many such platforms that do this work, but few are as effective as SX Bet.
The project has taken the crypto world by storm with its recently updated roadmap, making an emphatic statement that it is the market leader in blockchain gaming platforms. From bet mining to a trading upgrade, SX Bet’s aim is to make it arguably the most complete gaming product in the world – not just in the crypto space.
We take a closer look at why the updated roadmap is so important here and how it could shape the future of the betting industry. But before that we should look at what SX Bet is and what it offers.
SX Bet is the next generation game
While SX Bet offers betting in the truest sense, it is essentially a prediction market covering a wide variety of events – be it sports, politics or general events. It uses a smart contract, a prediction market protocol, with bets settled on chain to provide users with a reliable platform to bet on. So far, it has processed over $280 million in stake volume.
Currently, SX Bet has 11 major sports categories to bet on, although it will have new options in the future. This includes eSports, a fast-growing area that is closely related to crypto.
Other features worth mentioning include bet mining, staking. tournaments, a token bridge, leaderboards and an analytics dashboard. While these are very useful, SX Bet is upping its game, as shown in the newly revealed roadmap for the year.
Why the new SX BET roadmap is so exciting
There are three main priorities on SX Bet’s recently revealed roadmap, within which there are several sub-tasks:
- The conversion upgrade
- The trade upgrade
- The liquidity upgrade
The ultimate goal of these upgrades is to make the platform more feature-rich and usable, both in terms of SX Bet and SX Network.
Of course, there are also other minor changes, such as direct fiat ramps, automatic SX airdrop for users who transfer to the SX Network, support for different wallets and alternate lines for some sports. However, the upgrades mentioned earlier are what really prove that SX Bet can be the biggest gaming product in the crypto market.
The conversion upgrade
SX Bet’s volume doubled in 2022, as shown above, but the team has bigger ambitions in mind.
The basic idea behind the conversion upgrade is simple: bring more users. The team wants to achieve this by reducing the difficulties with interaction while making the platform more exciting to use. To that end, they will introduce an improvement to the welcome bonus, gamified onboarding, redesigned UI/UX and bet mining 3.0.
Originally, SX Bet had a $1000 welcome bonus upgrade for users. The new upgrade will bring changes that prevent it from being exploited, while still being attractive. It will do this by matching the unlock rate with the average fee paid.
The gamified onboarding will reward users for completing simple tasks, which include winning 5 games, betting 1000 SX and simply verifying their profile. These are simple and allow users to build their reputation.
The Bet mining feature is one of SX Bet’s most distinct offerings. It’s a core part of the community-driven process, and the team will introduce such changes as rewards that can be claimed manually, an estimated SX bonus for each play coupon, and a redesigned design.
The trade upgrade
This is where SX Bet’s roadmap really starts to show its lofty ambitions. The trade upgrade will turn SX Bet from a gambling platform into a gambling exchange. The distinction is important and will have a significant impact on the seamlessness of the gaming experience. The subtasks are related to withdrawals, exotic crypto markets and news markets.
The first change, payouts, is simple enough: users will be able to sell out their bets before settlement. This will offer more flexibility to users as they can withdraw money from bad games as well as lock in profits or losses.
Exotic crypto markets offer entirely new gaming opportunities, giving crypto and NFT enthusiasts a place to bet on crypto prices. The new markets that will be added include NFT floor price markets, daily BTC and ETH markets, and those on all top 100 cryptoassets by market cap. The team expects to increase the number of markets by 100x as it leverages premium price streams to create and resolve markets.
News markets will appear as advertised – news markets focusing on some very niche games. The team cites one example of whether Elon Musk will remain CEO of Twitter by 2023. You can see how these markets could be more attractive to the layman who likes to bet.
The liquidity upgrade
The liquidity upgrade will also play a big role in increasing the appeal of the platform as it will allow for larger stakes. By increasing liquidity and tightening the spread between game offers, it will become more attractive to gaming enthusiasts, especially large holders. The specific upgrades that will establish this are a combined order book, new game currencies and cross-chain games.
The combined order will bring all the game currencies, which are currently in different liquidity pools, into a single order book. The end result is that users will be able to see which specific game currency has the best liquidity, make multiple orders across multiple currencies, and of course bet in any pool with just one click.
Related to the last point is the fact that SX Bet plans to accept more game currencies. The combined order book allows this addition without concerns about splitting liquidity pools. The team has mentioned MATIC, FRAX/MAI and WBTC as three potential candidates for new gaming currencies.
Finally, the team wants to introduce cross-chain gaming, which will not only improve liquidity, but also increase usability exponentially. Users will be able to bet from any network, which will be bridged in the back-end, with payouts on the SX Network. The chains targeted are Polygon, Optimism, BSC, Arbitrum and Avalanche.
SX Bet leads the way for blockchain-based games
SX Bet’s approach to betting is nothing short of revolutionary. It brings the best of blockchain technology to the industry, but adds much more than the competition does. As such, it has the potential to become the go-to platform in the crypto space and beyond.
The additional features and upgrades mentioned in the new roadmap prove that SX Bet outperforms rival platforms as it allows users to perform all their activities from a single platform. 2023 may be a difficult year to bet on how the crypto market will fare, but as things stand, it can be an easy bet that SX Bet will do well.
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