Fund Bet Mining 2.0

As detailed in our article announcing the initial launch, Bet Mining was initially conceived and funded on a 10-week trial basis with 2,000,000 SX tokens. However, the program has been much more popular than we initially anticipated, helping drive SportX monthly betting volumes to a 4th consecutive monthly high.

After the 10-week trial program ended, the team didn’t want to slow down the momentum generated from the bet mining program and therefore continued funding the program out of pocket for the last 8 weeks. The team has been funding this out of the core team’s personal allocation, and used the time to tinker with the formula to limit wash trading and optimize the system to dynamically adjust itself to bet volume and the price of SX.

This research culminated in the launch of Bet Mining 2.0 which we feel confident is a sustainable formula to give real users of SportX control over the protocol over time whilst promoting continued community and volume growth. In Bet Mining 2.0, up to 150,000 SX can be paid out each week, with the final number varying based on volume and SX price. For context, last week the payout to bettors was a shade below 100,000 SX.

Moving forward, we’d like to hand over control over the bet mining system to the community and have the community have say over the system. A key part of that is also ensuring that there is ample SX funding available to maintain current payout levels indefinitely. With that in mind, we would like to request 5M SX tokens to fund to fund bet mining. All 5M SX will be used to for bet mining payouts, which will last 33 weeks at the absolute minimum (5m/150k per week). Realistically, given current SX price levels and SportX volumes, this budget should be able to sustain the current Bet Mining payouts for roughly 1 year (5m/100k per week).

https://medium.com/sportx-bet/bet-mining-2-0-6c954e85f8dd