Former CDx Founders Launch SportX a DAI-Based Crypto Sports Betting dApp
A few months ago, the founders of the CDx project took the decision to abandon their project. However, things have changed since then.
The firm was working with $4 million gathered and technology that it was able to develop. Now, they will be working on a sports betting platform known as SportX.
SportX Could Break dApp Records
Clearly, each dApp aims at reaching the largest number of individuals as possible. Nonetheless, there are some reasons to think that SportX could eventually become one of the largest dApps in the market.
According to a recent report released by The Block, the co-founder of the platform, Andrew Young, came with the idea of a new trading platform. Mr. Young was a very lucrative wager on a recognized betting site, but he eventually got banned from it after winning $10,000.
This is why he and other two former bankers decided to enter the world of decentralized betting. Centralized sport betting platforms provide misalignment of incentives and users can eventually be banned from these sites.
SportX offers users peer-to-peer betting on three major sports. They will also be using Dai as a cryptocurrency, which is pegged to the US dollar and users can use to play on the platform. It is worth mentioning that users do not have to comply with KYC regulations. US individuals are blocked from participating because of this reason.
The firm has an aggressive marketing strategy with $50,000 to pay to 1,000 frat students in Dai or retail gift cards to place advertising content on platforms such as Instagram. They are also targeting those in the cryptocurrency ecosystem and individuals at universities.
The rates are also very accessible and attractive for users, that will have to pay 2% fee per bet. As there will be a token reward, the fee ends up being a little bit lower.
At the same time, they are also hoping to be a competitive platform with the token reward. Early users will be earning tokens every single time they perform a bet. Moreover, the site will be using market-making bots to boost liquidity. The company’s founder commented:
“We think (on chain) sports betting will help blockchain go mainstream.”