Earning $SX Tokens with Prediction Market SportX
SportX is a licensed Sports Prediction Market Platform built on Matic Network, an Ethereum Layer 2 scaling solution.
SportX recently launched SX, a governance token, with a community airdrop and are in the process of distributing tokens to their community through Staking and Bet Mining.
This guide will explain how users can earn SX tokens through Staking and Bet Mining.
First, here is some background on SportX.
SportX is one of Ethereum’s most popular prediction market dapps with thousands of users and over $1m in volume last week alone! The SportX platform enables users to place bets on sports and will in the future include options to bet on crypto prices and current events such as elections.
The SportX Platform
The current SportX site and protocol is built on the Matic Network, a layer 2 scaling solution with very low fees (around $0.001 per transaction). This means that users must convert their ETH or DAI to matic ETH or matic DAI for use on the site. SportX handles this entire process for you on their site, and can be done for free in under 10 minutes.
THE FOLLOWING IS NOT INVESTMENT ADVICE. This content is for informational purposes only.
Earning SX tokens with Bet Mining
After acquiring matic ETH or matic DAI users can earn SX tokens by placing winning bets on the SportX site. Every winning bet will earn a number of tokens proportional to the amount of volume they have created that week divided by the weekly reward. So if users places 1% of all winning weekly bets they will receive a bonus of 1% of that week’s reward.
Last week over $80,000 in SX tokens was distributed to users with winning bets on things like basketball matches and the Superbowl.
Earning SX tokens with Staking (200% APY)
In addition to bet mining, users can also stake their SX tokens to earn rewards. There are currently around $12m of SX staked on the SportX site earning an average of 200% APY.
Please note, that when staking there is a 14 day cool-down period.
If you have any questions please feel free to comment below or get in touch with the team on Discord!