As many of you know, the Ethereum network has never been more popular than it is right now. This has unfortunately led to Ethereum network fees (i.e. gas costs) rising dramatically over the last three months, from 9 to >300 (gwei).
We pay these gas costs for our users through the use of meta transactions. Unfortunately with the increase, these costs have now become simply too high to continue creating SportX markets.
The timing is extremely unfortunate given the packed sports schedule. It’s tough for us as well as we were on pace for our highest volume month ever, and had seen rapid surge in volumes leading up to today:
As a non-custodial betting exchange all your crypto is still in your wallet and any pending bets will be settled. You can continue to bet on the markets that were previously created, this decision only impacts new markets moving forward.
SportX will be back accepting bets very soon. We’re in the final stages of work on our layer 2 scaling solution and should have it up very soon, which will allow us to transition off Ethereum onto a more scalable blockchain. We have a ton of other upgrades coming to SportX over the next three months as well.
Feel free to reach out through the SportX chat or send an email to jake@sportx.bet if you have any other questions.
The best is yet to come.