The SX Merge is Here
Summary
The SX merge will be launched in five stages over the next month. The initial stages are focused on transitioning everyone’s current staked SX to the new post-merge staking contracts. The later stages will increase fee sharing to validators (and stakers!) while onboarding more validators. SX validators will receive SX Bet protocol fees post-merge, making SX one of the first fully vertically-integrated app chain in the world. SX holders will be able to delegate their staked SX to any validators to receive a share of validator revenue.
Phase 1: Out With The Old
August 17th — Current staking yield will be turned off
New staking interface and staking contracts launch.
Begin migration over of staked SX to new contracts.
Rewards paid to validators will be set to 1% of total fees generated.
Staking cooldown time will be set to 7 days.
Users will be able to unstake their current staked SX balance and withdraw right away. They will then be able to select a validator to stake their SX under. Initially there will be four SX Network Foundation nodes running that users can stake under, but a priority will be to onboard outside validators in the coming weeks. These foundation nodes will be set with a purposefully high commission rate to encourage competition from third-party validators. The small share of fees is matched by the equally short time period to unstake and select a new validator.
Phase 2: Scaling Fee sharing
August 21 — Increase reward share to stakers to 25%
Rewards paid to validators will be changed to 25% of total fees earned.
Staking cooldown time will remain at 7 days.
A larger share of fees generated by SX Bet will be shared with validators for their work securing the network and settling bets. Continue to monitor performance of new staking infrastructure.
Phase 3: 100% Fee Sharing
August 28 — Increase fee share to stakers to 100%
Rewards paid to validators will be changed to 100% of total fees earned.
Staking cooldown time will remain at 7 days.
Now 100% of fees generated by SX bet will shared proportionally with validators for their work.
Phase 4: Welcome New Validators
September 4 to 18 — Onboard external validator nodes
Begin onboarding third-party validators into the ecosystem.
Anyone can become a validator, including community members, professional market making teams and more! To learn more about becoming a validator check out or docs: https://docs.sx.technology/validators-staking-and-delegating/become-a-validator
Phase 5: The New Normal
September 19 — Increase staking cooldown back to 30 days
Staking cooldown time will increase to 30 days.
Following a community governance proposal last month, the long term staking cooldown rate was dropped from 60 days to 30 days. This final phase will revert staking cooldown to 30 days. Continue on-boarding third-party validators to the ecosystem.
About SX
SX Bet is the #1 blockchain sports betting platform by betting volume across all chains. All bets are peer-to-peer and settled on-chain. SX lets you get the best odds when you bet on sports with crypto, all from the security of your own wallet. SX has processed +$350,000,000 in betting volume. SX Bet is not available in the United States or other prohibited jurisdictions.
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