SX Network, the world’s first Polygon Edge blockchain, will support and accelerate the growth of over 20 applications to be launched on the network. Proceeds will also go to funding pioneering work on market prediction-based governance and the growth of the flagship SX.bet app.
TORONTO, ON/ACCESSWIRE/April 29, 2022/ SX Network, Polygon’s first Layer 2 blockchain, designed to scale betting, DeFi, and NFT applications with prediction market governance, today announced the close of its $9.5 million funding round. dollars. The funding was led by venture capital fund Hack VC with participation from Polygon in the form of a $2.5 million grant.
Other investors in this round include CMCC Global, Nascent, FJ Labs, as well as several top crypto angel investors.
SX Network is the first blockchain to launch on the Polygon network via Polygon Edge – a modular and extensible framework for building private or public blockchain networks compatible with Ethereum.
Described as Polygon’s premier scaling solution, SX Network is EVM-enabled and specifically designed to scale betting, decentralized finance (DeFi), and non-fungible token (NFT) applications. Platform security is inherited from Polygon PoS, combining the shared security of Ethereum with the speed of Polygon.
SX Network is tightly integrated with the SX prediction market protocol and its associated front-end web application, SX.bet (formerly known as SportX). The decentralized prediction market has processed over $160 million in volume on over 750,000 bets since its launch. Over $100 million of these transactions have taken place in the past six months, making it the largest blockchain-based prediction market in the world.
SX Network’s leadership in decentralized prediction protocols also positions it as the likely platform of choice for market-based governance of prediction (known as Futarchy), a solution for effective governance of autonomous organizations. decentralized (DAO).
Andrew Young, Project Manager at SX Network, said: “We are delighted to welcome these new partners and investors to our project. We are all aligned in our mission to create a scalable platform for Web3 betting, DeFi and NFT products. Being the first Polygon Edge blockchain to launch gives us a first-mover advantage, which we are eager to exploit.
For more information please contact:
Cryptoland PR for Polygon
About the SX Network
SX Network is Polygon’s first layer 2 blockchain, designed to scale betting, DeFi and NFT applications with prediction market governance. the SX Network consists of three main platforms; SX.bet -The largest crypto prediction market site that has hosted $165 million in trades across the sports, politics, and crypto markets. SX Protocol – A smart contract primitive that powers SX.bet and has accrued over $2 million in fees for SX network cash. SX Blockchain – The first two-layer blockchain built on top of and in partnership with Polygon, which focuses on scaling betting, DeFi and NFT applications. For more information, please visit: https://sx.technology/
THE SOURCE: SX Network
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