The crypto world is brimming with potential as decentralized technology finds application in virtually every industry. One of the promising applications is the betting industry, which can use blockchain technology to offer users multiple benefits in their hobby. There are many such platforms working on this endeavor but few are as effective as SX Bet.
The project has caused a stir in the crypto world with its recently updated roadmap and made a strong statement that it is the leading blockchain betting platform provider in the market. From bet mining to a trading upgrade, SX Bet’s goals are to make it arguably the most comprehensive betting product in the world – not just in the crypto space.
We examine why the updated roadmap is so important here and how it can shape the future of the betting industry. Before that though, let’s take a look at what SX Bet is and what it offers.
SX Bet is the next generation of betting
While SX Bet offers betting in the truest sense of the word, it is essentially a prediction market, covering a variety of events – be they sporting, political or general events. It uses a smart contract, a prediction market protocol where bets are settled in a chain to provide users with a reliable platform on which to place their bets. To date, it has processed over $280 million in betting volume.
Currently SX Bet has 11 major sports categories to bet on, although there will be new options in the future. This includes eSports, a fast-growing area closely linked to crypto.
Other notable features are 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 by the newly revealed roadmap for the year.
Why the new SX BET roadmap is so exciting
SX has three main upgrade legs planned for its SX Bet platform.
There are three main priorities on the newly revealed SX Bet 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 user-friendly, both in terms of SX Bet and SX Network.
Of course, there are also other minor changes, such as E.g. direct fiat driveways, automatic SX airdrop for users bridging to the SX network, support for different wallets and alternative lines for some sports. However, the aforementioned upgrades really prove that SX Bet can be the biggest betting product in the crypto market.
The conversion upgrade
SX Bet’s volume has doubled in 2022 as seen above, but the team has bigger ambitions in mind.
The basic idea that supports the conversion upgrade is simple: get more users on board. The team aims to achieve this by reducing interaction difficulties while making the platform more exciting to use. To that end, they will be introducing a welcome bonus improvement, 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 will prevent it from being exploited while still remaining attractive. To do this, the unlock rate is compared with the average fee paid.
The gamified onboarding rewards users for completing simple tasks including winning 5 bets, wagering 1,000 SX and verifying their profile. These are simple and allow users to build their reputation.
The bet mining feature is one of SX Bet’s most distinctive offerings. It’s a central part of the community-driven process and the team will be introducing such changes as manually claimable rewards, an estimated SX bonus for each bet slip, and an overhauled design.
The trading upgrade
This is where SX Bet’s roadmap really shows their high ambitions. The trading upgrade turns SX Bet from a betting platform into a betting exchange. The distinction is important and will have a significant impact on the smooth betting experience. The subtasks relate to withdrawals, exotic crypto markets, and novelty markets.
The first change, Payouts, is just enough: users can sell their bets before settlement. This gives users more flexibility as they can cash out bad bets and lock themselves in wins or losses.
Exotic crypto markets offer brand new betting opportunities and offer crypto and NFT enthusiasts a place to bet on crypto prices. New markets being added include NFT floor price markets, daily BTC and ETH markets, and markets for all top 100 crypto assets by market cap. The team expects to increase the number of markets by 100x as it leverages premium price feeds to create and dissolve markets.
Novelty markets will appear as advertised – novelty markets that focus on some niche bets. The team cites as an example whether Elon Musk will remain CEO of Twitter until 2023. You can see how these markets could be more attractive to non-professionals who like 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 bigger bets. By increasing liquidity and reducing the spread between betting offers, it becomes more attractive to bettors, especially large owners. The specific upgrades that will establish this are a combined order book, new betting currencies and cross-chain betting.
The combined order brings all betting currencies currently in different liquidity pools into a single order book. The end result is that users can see which specific betting currency has the best liquidity, create multiple orders across multiple currencies and of course bet into each pool with just one click.
Related to the last point is the fact that SX Bet is planning to approve more betting currencies. The combined order book allows for this complement without concerns about liquidity pool splitting. The team has identified MATIC, FRAX/MAI and WBTC as three potential candidates for new betting currencies.
Finally, the team wants to introduce cross-chain betting, which will not only improve liquidity, but will also increase user-friendliness exponentially. Users can bet from any network bridged in the backend with payouts taking place on the SX network. Target chains are Polygon, Optimism, BSC, Arbitrum, and Avalanche.
SX Bet Pioneering blockchain-based betting
SX Bet’s betting approach is nothing short of revolutionary. It brings the best of blockchain technology to the industry but adds a lot more than its competitors. As such, it has the potential to become the platform of choice in the crypto space and beyond.
The additional features and upgrades mentioned in the new roadmap prove that SX Bet is doing better than competing platforms as users can conduct all their activities from a single platform. 2023 could be a tough year to bet on how the crypto market will perform, but the way things are looking it could easily be a bet that SX Bet will do well.
Visit SX Bet today
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.