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SX.betSX.betby0x025b9FD9F1ed818d688e19c5F43c500bf44cEA470x025b…EA47

Switch Bet Mining to Reward Bet Offers Instead

Voting ended about 2 years agoFailed

Liquidity is the most important aspect of SX, and SX's liquidity could use a boost. So we'd like to switch bet mining to reward bet offers directly instead of straight bets. This replicates Blur's highly successful incentive scheme, which focuses on rewarding liquidity. In this system, users would be rewarded based on open bet offers that are within some dollar amount (i.e. top $5000 of fillable bet offers) and time.

Effectively, this rewards users that are the top offer for a long period of time. This will encourage much higher levels of liquidity, which in turn, will encourage more betting activity. Bettors (i.e takers) will now instead be rewarded primarily through enhanced tournaments, which will now be tiered and taker-only, making them more competitive for smaller non-maker bettors.

This also aligns incentives better as Makers will earn SX (which they are incentivized to stake as it lowers their fee through fee discounts), whereas Takers earn Bet Credits through tournaments which they can use to place more bets. Currently, many takers sell 100% of their bet mining rewards to refill their account; this is a significant source of selling pressure on SX and it will be eliminated in this model.

Off-Chain Vote

Yes - switch bet mining
0 WSX0%
No - status quo
0 WSX0%
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Timeline

Feb 01, 2024Proposal created
Feb 01, 2024Proposal vote started
Feb 06, 2024Proposal vote ended
Feb 08, 2024Proposal updated