SX Network (OLD) (SX)

What is SX Network (OLD) (SX)?

SX Network (OLD) (SX) is a pioneering public blockchain that uniquely combines a smart contract platform with an on-chain community treasury and a native prediction market protocol. This innovative network was initially created to transform the landscape of sports betting and political prediction markets. The “(OLD)” designation in its name refers to a previous version of the SX token’s smart contract, as the project has since migrated to a newer contract.

For example, users can engage in decentralized sports betting through its primary platform, SX Bet. This allows individuals to place bets directly against each other, rather than relying on a traditional bookmaker. This peer-to-peer model aims to offer more equitable odds and increased transparency for participants.

How Does SX Network (OLD) (SX) Work on Its Blockchain?

SX Network operates as an Ethereum-compatible smart contract platform. It initially launched on the Ethereum blockchain in March 2018. However, due to the high transaction costs on Ethereum, the project later migrated to the Polygon blockchain in September 2020.

This migration established SX Network as one of the first applications on Polygon and its first Layer 2 blockchain, developed in collaboration with the Polygon team. More recently, the network has evolved its underlying technology, building with Arbitrum Orbit and Polygon Supernets. The core of SX Network’s operation relies on open-source smart contracts that facilitate the creation, processing, and settlement of all bets directly on the blockchain. Transactions on the network benefit from very low gas fees, which are paid using the native SX token.

SX Network (OLD) (SX) Key Features and Technology

SX Network integrates several key features and technologies to support its ecosystem. It combines a robust smart contract platform with an on-chain community treasury and a native prediction market protocol. The network is also Ethereum Virtual Machine (EVM) compatible, which simplifies development for those familiar with Ethereum and allows for the use of common Ethereum wallets.

A primary focus of SX Network is its design for prediction markets and related decentralized finance (DeFi) applications, particularly in sports betting. It champions a peer-to-peer betting model, enabling users to bet directly against one another, which often results in better odds and greater transparency compared to traditional betting platforms. Furthermore, the network is engineered for low transaction costs, making on-chain activities more efficient and affordable.

The SX token plays a crucial role in the network’s governance, allowing holders to participate in decision-making and influence protocol parameters. Token holders can also stake their SX tokens to help secure the network and earn rewards. Additionally, the SX token serves as the gas token, used to pay for transaction fees on the SX Network blockchain. This emphasis on community ownership means that token holders have a say in the applications launched on the SX Chain.

What is SX Network (OLD) (SX) Used For?

SX Network (OLD) (SX) has several practical applications within its ecosystem. Its primary use case revolves around decentralized sports betting and political prediction markets, facilitated through platforms like SX Bet. This allows users to engage in transparent, peer-to-peer betting experiences.

Beyond betting, the SX token grants holders the ability to participate in the network’s governance, voting on important decisions and protocol upgrades. Holders can also stake their SX tokens to earn rewards, which helps to secure the network. Moreover, the SX token is essential for covering transaction fees on the SX Network blockchain. For example, a user might stake their SX tokens to earn passive income while also voting on a proposal to introduce new betting markets. In addition, some users might engage in arbitrage trading with SX tokens to capitalize on price fluctuations across different exchanges.

How Do You Buy SX Network (OLD) (SX)?

Acquiring SX Network (OLD) (SX) tokens typically involves a few straightforward steps. SX tokens are available for trading on various decentralized exchanges (DEXs) and some centralized exchanges. Quickswap is noted as a popular decentralized exchange for trading SX/WETH.

1. Set up a compatible cryptocurrency wallet that supports EVM-compatible tokens, such as MetaMask.
2. Fund your wallet with a major cryptocurrency like Ethereum (ETH) or a stablecoin like Wrapped Ethereum (WETH) or USDT.
3. Connect your wallet to a decentralized exchange, such as Quickswap, or a centralized exchange like LBank or Bitget, that lists SX Network (OLD) (SX).
4. Navigate to the trading pair for SX (e.g., SX/WETH or SX/USDT