💰SX Token

Everything you need to know about the SX token

🔍 SX Token Overview

The SX token (SX) enables community ownership and decentralized governance that will guide SX to a sustainable future. SX is an ERC-20 token that exists on the Ethereum, Polygon, and SX Network blockchains.

SX Network token on Ethereum: https://etherscan.io/token/0xbe9f61555f50dd6167f2772e9cf7519790d96624

*OLD* Deprecated SportX token on Ethereum: https://etherscan.io/token/0x99fe3b1391503a1bc1788051347a1324bff41452?a=0xd92B21EFBc243D31CD35113d2c15018F5C71Df9b

💱 How to Get SX

• Uniswap on Ethereum: https://uniswap.org/

• SharkSwap (DEX) on SX Network: https://sharkswap.xyz/

💰 SX Revenue

Protocol revenue is vital to the functioning of any blockchain ecosystem, particularly in a proof-of-stake based network. SX generates protocol revenue and the SX token - not a centralized entity - is the sole beneficiary of this value creation.

Every straight bet on SX Bet has a 2.00% fee on profits, which is roughly equal to 1.00% of total volume. On an average $100 bet, SX Bet generates roughly $1.00 in revenue. For parlay bets, there is a 5.00% fee on profits. As of July 3rd, 2023 SX Bet has generated $4.4m (USD) in revenue since inception.

All fee revenue numbers are tracked on the SX Network analytics dashboard and on Token Terminal. All SX gas fees on the SX Blockchain also flow back to SX holders through staking rewards but gas transaction fees aren't meaningful at the moment.

✅ SX Utility

The SX token has a number of key functionalities within the SX Network ecosystem:

⛏️ Staking

In order to secure the network, token holders can stake (i.e. lock up) their tokens to earn staking rewards. Tokens that are staked remain in the user’s control, but they can no longer be transferred. By staking tokens, the circulating supply of the token is temporarily reduced, which also has the beneficial effect of increasing scarcity. All (100%) of protocol revenue is paid out to SX stakers in the form of USDC, ETH, and SX.

🔥 SX Burn

All protocol fees from SX-denominated bets are currently being burnt instead of routed to the SX Community Treasury. That means that every time anyone bets with $SX token as the betting currency, the fees from that bet are burnt. As of July 3rd, 2023, there has been a total 729,665 SX burnt since this feature launched.

🏛 Governance

SX allows token holders to control over all the parameters of the SX Network blockchain. It also gives holders control over the SX prediction market protocol smart contracts through the governance user interface.

💵 Fee Discounts

Token holders that stake SX also earn a reduction on any exchange fees they pay while using the SX prediction market protocol (and its associated apps such as SX Bet), with varying percentages based on their total staked balance. Users who stake SX tokens will automatically be rebated a portion of their protocol betting fees every day. Click here to see the current schedule.

⛽ Gas Token

SX tokens are used as a medium of exchange and unit of account within the SX Network blockchain. Similar to the relationship of ETH to Ethereum, SX is the "gas" of the SX Network blockchain. Every single transaction on SX Network requires SX tokens in order to process. This means as demand for the SX Network blockchain continues to grow, there will be increasing demand for the SX token.

📊 SX Supply

There is a maximum of 1,000,000,000 (1 billion) SX that can ever be created. The initial launch allocation was as follows:

• 55.00% to SX community members (550,000,000 SX)

• 22.86% to development team with 4-year vesting (228,554,913 SX)

• 17.14% to early backers with 4-year vesting (171,445,087 SX)

• 5.00% to strategic partners and marketing initiatives (50,000,000 SX)

SX token holders have control over the community treasury, and therefore can decide to distribute the remaining 530,000,000 SX tokens as they see fit. However, these tokens can’t be used by the community until they vest. They will vest to the community treasury on a monthly basis according to the following schedule: 10% in 2021, 20% in 2022, 30% in 2023, and the remaining 40% in 2024. Team, investor, and strategic marketing initiatives SX allocations will have tokens locked up on an identical vesting schedule to the community treasury.