SX Network, the world's first Polygon Edge blockchain, will support and accelerate the growth of the more than 20 applications set to launch on the network. Proceeds will also go to funding pioneering work on prediction-market based governance and growing flagship app SX.bet
TORONTO, ON / ACCESSWIRE / April 29, 2022 / SX Network, Polygon's first layer-2 blockchain, built to scale betting, DeFi, and NFT applications with prediction market governance, announced today the closing of its $9.5 million funding round. The financing was led by crypto venture funds Hack VC with participation from Polygon in the form of a $2.5 million grant.
Other investors on this round include CMCC Global, Nascent, FJ Labs, as well as several prominent 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 Ethereum-compatible blockchain networks.
Described as Polygon's first scaling solution, SX Network is EVM-compatible and specifically engineered 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 Polygon's speed.
SX Network is tightly integrated into 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 across over 750,000 bets since its launch. Over $100m of these trades took place in the last 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 prediction-market based governance (known as Futarchy), a solution for effective Decentralized Autonomous Organizations (DAO) governance.
Andrew Young, Project Lead at SX Network, says: "We are delighted to welcome these new partners and investors to our project. We are all aligned in our mission to build out 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."
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For more information, please contact:
Cryptoland PR for Polygon
About SX Network
SX Network is Polygon's first layer-2 blockchain, built to scale betting, DeFi, and NFT applications with prediction market governance. The SX Network consists of three core platforms; SX.bet -The largest crypto prediction market site that has hosted $165M in trades on sports, politics and crypto markets. SX Protocol - A smart contract primitive that powers SX.bet and has accrued over $2M in fees for the SX Network treasury. SX Blockchain - The first layer two blockchain built on top of and in partnership with Polygon, that is focused on scaling betting, DeFi and NFT applications. For more information, please visit: https://sx.technology/
SOURCE: SX Network