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 brimming with potential as decentralized technology finds applications in virtually all industries. One of the promising applications is in the betting industry, which can tap into blockchain tech to bring users several perks in their hobby. There are many such platforms working on this endeavor, but few are as effective as SX Bet.

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The project has made a splash in the crypto world with its recently updated roadmap, making an emphatic statement that it is the leader in blockchain betting platforms on the market. From bet mining to a trading upgrade, SX Bet’s goals are making it arguably the most complete betting product in the world – not just in the crypto space.

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We look into why the updated roadmap is so important here and how it can shape the future of the betting industry. However, before that, we should look at what SX Bet is exactly and what it offers.

SX Bet is The Next Generation of Betting

While SX Bet does offer betting in the truest sense, it is essentially a prediction market that covers a wide variety of events – whether that’s sports, political or general events. It uses a smart contract, a prediction market protocol, with bets settled on chain to give users a reliable platform on which to make their bets. So far, it has processed over $280 million in betting volume.

Currently, SX Bet has 11 major sports categories to bet, though it will have new options in the future. This includes eSports, a fast-growing space that is closely associated with crypto. 

Other features worth mentioning include bet mining, staking. tournaments, a token bridge, leaderboards, and an analytics dashboard. While these are all 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 newly revealed roadmap, under which there are several sub-tasks:

• The Conversion Upgrade
• The Trading Upgrade
• The Liquidity Upgrade

The end 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 other minor changes as well, such as direct fiat on-ramps, automatic SX airdrop to users bridging to SX Network, support for various wallets, and alternative lines for some sports. However, the upgrades mentioned earlier are what really proves that SX Bet can be the biggest betting product in the crypto market.

The Conversion Upgrade

SX Bet’s volume doubled in 2022, as seen above, but the team has greater ambitions in mind.

The basic idea supporting the conversion upgrade is simple: bring more users on board. The team wants to achieve this by reducing the difficulties of interaction while also 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. 

Initially, 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 bets, staking 1,000 SX, and just 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 manually claimable rewards, an estimated SX bonus for every bet slip, and a reworked design.

The Trading Upgrade

This is where SX Bet’s roadmap really begins to show its high ambitions. The trading upgrade will turn SX Bet from a betting platform into a betting exchange. The distinction is important and will have a significant impact on the seamlessness of the betting experience. The sub-tasks relate to cashouts, exotic crypto markets, and novelty markets.

The first change, cashouts, are simply enough: users will be able to sell out of their bets before settlement. This will offer more flexibility to users, as they can cash out of poor bets, as well as lock in on profits or losses.

Exotic crypto markets offer brand new betting opportunities, giving crypto and NFT enthusiasts a place to bets 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 crypto assets by market cap. The team expects to increase the number of markets by 100x as it taps into premium price feeds to create and resolve markets.

Novelty markets will appear as advertised – novelty markets focusing on some very niche bets. The team lists one example as whether Elon Musk will remain the CEO of Twitter by 2023. You can see how these markets might be more attractive to the layperson who likes to bet.

The Liquidity Upgrade

The liquidity upgrade will also play a big part in increasing the appeal of the platform, as it will allow larger bets to be made. By increasing the liquidity and tightening the spread between bet offers, it will become more attractive to betting enthusiasts, especially large holders. The specific upgrades that will establish this are a combined order book, new betting currencies, and cross-chain betting.

The combined order will bring all betting currencies, which are currently in different liquidity pools, into one single order book. The end result is that users will be able to see which specific betting currency has the best liquidity, create multiple orders across multiple currencies, and of course, bet into any pool with just one click.

Related to the last point is the fact SX Bet plans to approve more betting currencies. The combined order book allows for this addition without any concerns about splitting up liquidity pools. The team has mentioned MATIC, FRAX/MAI, and WBTC as three potential candidates for new betting currencies.

Lastly, the team wants to introduce cross-chain betting, which will not only improve liquidity but also boost usability exponentially. Users will be able to bet from any network, which will be bridged in the back-end, with payouts taking place on the SX Network. Chains being targeted are Polygon, Optimism, BSC, Arbitrum, and Avalanche. 

SX Bet Leading the way for Blockchain-Based Betting 

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 its competitors do. 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 is making itself better than rival platforms, as it will let users conduct all their activities from a single platform. 2023 might be a hard year to bet on how the crypto market will go, but the way things look, it might be an easy bet that SX Bet will do well. 

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