SX Network, a Layer 2 blockchain running on Polygon, has raised $9.5 million in a funding round and grant led by Polygon and Hack VC with participation from CMCC Global, Nascent, FJ Labs and prominent investors like Polygon co-founder Sandeep Nailwal.
As the first blockchain built using Polygon Edge, a customizable framework for building private or public Ethereum-compatible blockchain networks, SX Network has already attracted 20 top betting, DeFi and NFT applications who are set to launch when the blockchain goes live in May.
With this fresh capital, SX Network can further secure its strong foothold as the market leader in blockchain based betting for its flagship platform SX.bet (formerly SportX). The funding will also be utilized in pioneering work on decentralized prediction market governance called futurachy.
Since launch, the SX prediction market protocol has processed over $170 million in betting volume spanning 900,000 bets. More than $100 million of these trades on sports, politics and crypto markets took place in the last six months, making SX.bet the largest blockchain prediction market in the world.
SX Network is also home to two more core platforms. SX Protocol is a smart contract primitive that powers SX.bet and has accrued over $2 million in fees for the SX Network treasury. SX Blockchain is the first Layer 2 blockchain built on top of and in partnership with Polygon, that is focused on scaling betting, DeFi and NFT applications.
“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,” said Andrew Young, Project Lead at SX Network. “Being the first Polygon Edge blockchain to launch gives us a first-mover advantage, which we are eager to exploit.”
Polygon is now home to more than 19,000 dApps, including some of the biggest Web3 projects from DeFI protocols like Aave and Uniswap V3, NFT marketplaces OpenSea and Mark Cuban’s Lazy.com and Web3 gaming efforts including Animoca Brands’ The Sandbox and Decentral Games.
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