What to know about BetDEX: Web3 Sports Betting
Sport betting is making its way into the crypto industry and is gradually gaining the attention of crypto natives. Events like the World Cup 2022 have become an avenue for sport betting firms who wish to transition to web3. Innovators are exploring blockchain to build and offer decentralized sport betting products. Crypto sport betting firms allow punters to bet on the possible outcome of a game using crypto tokens to stake and afterwards receiving rewards in crypto when the prediction goes in the favour of the punter. Among the several crypto sport betting platforms is BetDEX.
BetDEX is a decentralized sport betting exchange on the Monaco Protocol and Solana Blockchain. Different from centralized exchanges (CEXs), BetDEX is non-custodial. This means that users are in custody of their funds whenever they are using the platform. It is designed to offer a crypto peer-to-peer (P2P) marketplace, a sports betting platform. Traders are allowed to stake their opinions using cryptocurrency in a sports tournament and earn following the various outcomes. Profits are made when the stakes are in the favour of the trader.
The first sport to be launched on BetDEX is football, starting primarily with the 2022 World Cup football matches. Other football competitions to be launched on the platform include Premier League, Champions League, and Europa League.
BetDEX was deployed on the Solana Blockchain but powered by the Monaco protocol infrastructure. Monaco Protocol is an open-source decentralized liquidity network built in the Solana Blockchain and is designed for exchange-based applications.
How does the BetDEX Exchange work
When a user submits an order on the BetDEX exchange, the order is settled after the outcome of the game. User order interacts with the Monaco Protocol smart contract and is self executed when the conditions are met. The smart contract matches orders from users against equivalent opposing orders and settles the trades when the outcome has been determined.
The appropriate result for each market is settled by the BetDEX Operations team and, in the future automated systems like Oracle. Oracles are data feed aggregators from different off-chain resources.
The team uses official data, and reputable sources to determine and confirm the result for each market. When there is a case of inconsistency as regards the sources, the result presented by the governing body of the sport or competition will be used in settlement.
Trading on BetDEX
Trading on the BetDEX Exchange is executed in $USDT. Users who wish to stake on a football match will have to fund their wallet with USDT, connect their wallet, then stake.
Transaction fees on the exchange are paid in SOL, and users must have acquired SOL in their preferred wallet before connecting and initiating an order.
USDT and SOL are needed to complete transactions on the BetDEX exchange. They can be bought on most crypto exchanges, CEx or DEx. Then, follow the purchase procedure available on those platforms to complete the transaction.
BetDEX currently supports four wallet connections in placing a bet; these wallets include Solflare, Phantom, Coinbase, and Glow.
Moreso, after the BetDEX mainnet launch, the platform airdropped BETWC (BetDEX Football Dollar) to users after 24 hours of signup, Solana community, and on-chain traders. The bonus dollar can be used in exclusive World Cup Futures markets on BetDEX. The profits made are redeemable in USDT after the world cup ends.
About BetDEX
BetDEX Labs was established in October 2021 by Nigel Eccles, Varun Sudhakar, and Stuart Tonner, sports betting veterans. It was set up with the goal of bringing sports betting experience to web3, and fixing the experiences encountered with conventional sports betting.
BetDEX is a remote company, but most of its employees are based in Glasgow, Edinburgh, and New York. The team comprises Varun Sudhakar, CEO and Co-founder, Nigel Eccles, Chairman and co-founder, and Stuart Tonner, CTO, and co-founder, among other engineers.
Key investors in BetDEX include Hack VC, Solana, Sino Global Capital, Paradigm, Multicoin Capital, and Lightspeed.
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