SportX is committed to the principles of community-led growth, ownership, and development. The SX token (SX) will serve this purpose by enabling shared community ownership and decentralized governance that will guide SportX to a sustainable future.
SX enables SportX to truly become the world’s first community-owned sports betting platform and accelerate its advantages in liquidity, security, and reliability. SX is an ERC-20 token that exists on the Ethereum and Matic blockchain networks.
The SX token has three main uses on day one:
🏛Governance: SX allows token holders to control over all the parameters of the SportX protocol smart contracts through the governance.sportx.bet user interface.
🥩 Staking: In order to participate in governance votes, token holders must first stake (i.e. lock up) their tokens. In return for giving up liquidity, token holders that stake tokens earn staking rewards.
🤑 Fee Discount: Token holders that stake SX also earn a reduction on any exchange fees they pay while using SportX, with varying percentages based on their total staked balance.
There is a maximum of 1,000,000,000 (1 billion) SX that can ever be created. The initial launch allocation is as follows:
- 55.00% to SportX 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)
Upon inception, 2.00% of all SX (20,000,000 SX) can immediately be claimed by historical users based on volume generated from May 25th, 2019 to December 31st 2020. This 2.00% are paid out of the 55% community allocation. This is important to mention first as these will be the only tokens released at genesis, and thus will have majority control over the community treasury from day one.
With 2% of tokens available to be claimed on token launch by historical users, the community treasury will retain 53% [530,000,000 SX] of SX supply to distribute on an ongoing basis through contributor grants, community initiatives, liquidity mining, and other programs.
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:
Team, investor, and strategic marketing initiatives SX allocations will have tokens locked up on an identical schedule to the community treasury (i.e. 10% vesting in year 1, 20% in year 2, 30% in year 3, and the remaining 40% in year 4).