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New customers only up to 50 USDT, in licensed jurisdictions. T&C's apply. #ad
If you’ve ever placed a bet on a betting exchange then it’s likely that used one of the major brands in the industry such as Betfair Exchange, Smarkets, Matchbook or Betdaq. However, a new betting exchange has been launched which is gaining a lot of attention due to its innovative and unique platform which uses blockchain technology.
BetDex is a decentralized betting exchange powered by the Solana network and the Monaco Protocol. It allows users to create and place bets on various markets and sporting events. BetDex uses smart contracts to ensure the integrity of the betting process and to automate the payout of winnings. By using a decentralized network, BetDex offers users increased privacy and security, as well as faster and cheaper transactions compared to traditional centralized betting exchanges.
The company behind the betting exchange, BetDEX Labs, who are primarily based in Edinburgh but also have offices in both Glasgow and New York, was founded in October 2021 by sports betting industry veterans Nigel Eccles, Varun Sudhakar and Stuart Tonner, who collectively, helped launch the likes of Betfair, BETDAQ, FanDuel daily fantasy sports and the FanDuel sportsbook.
In this review, we’ll take a closer look at the features and benefits of BetDex, as well as any drawbacks or limitations that users should be aware of.
If you want to jump straight to the website, click here where you’ll be able to claim the BetDex New Customer Offer and get a refund of up to $50 if your first bet on the exchange doesn’t win.
BetDex’s user interface is designed to be intuitive and user-friendly. The platform features a simple and clean layout that makes it easy for users to navigate and find what they’re looking for. The homepage displays the latest betting markets and events, while a sidebar menu provides quick access to account settings, betting history, and support.
Placing a bet on an existing market is a quick and easy process. Users can browse available markets, view the odds and bet limits, and place their bets with just a few clicks.
Overall, BetDex’s user interface is well-designed and easy to use, even for beginners. The platform’s straightforward navigation and intuitive layout make it easy to find what you’re looking for and place bets quickly and efficiently. However, some users may find the platform’s minimalistic design lacking in certain features or customization options. The fact that BetDex has designed their user-interface in a similar style to other betting exchanges such as Smarkets will surely help attract users who may have used other betting exchanges before but are slightly apprehensive about the blockchain side of things.
At the moment, the current betting markets and events are rather limited due to the exchange being relatively new and the lack of users. However, as the site grows and more users create and take advantage of existing markets, the available options will surely increase.
BetDex users can bet on various Football, Basketball and Cricket events and markets but compared to the more established betting exchanges, there current offering is restricted.
One feature that is expected to be launched is the of the ability for users to create their own betting markets. This means that users could create markets for events that are not available on other betting exchanges. For example, a user could create a market on BetDex for the winner of a local talent competition or the outcome of a local election.
As a decentralized platform, BetDex prioritizes user privacy and security. BetDex uses smart contracts to automate the betting process and ensure that bets are settled transparently and fairly. Smart contracts are self-executing contracts that are stored on the blockchain and automatically execute when certain conditions are met. In the case of BetDex, smart contracts are used to create and manage betting markets, facilitate the placement and settlement of bets, and ensure that payouts are distributed fairly.
BetDex also uses the Monaco Protocol to facilitate its decentralized betting exchange. The Monaco Protocol is a layer 2 scaling solution that allows BetDex to process a large number of bets off-chain, which helps to increase the speed and efficiency of the platform. By processing bets off-chain, BetDex is able to reduce the risk of attacks on the blockchain and ensure that user funds are secure.
Finally, BetDex uses multisignature wallets to store user funds. Multisignature wallets require multiple signatures to authorize transactions, which provides an additional layer of security and helps to prevent unauthorized access to user funds.
BetDex are currently offering 0% commission throughout Q1 2023. That means users can trade free and keep 100% of what they win.
It’s worth noting that BetDex’s commission fees are not the only costs associated with using the platform. Users must also pay gas fees to complete transactions on the Solana network, which can vary depending on the network’s congestion at the time. However, because Solana is a high-speed blockchain network, gas fees are generally lower than other networks such as Ethereum.
One of the key concerns for any betting exchange is the liquidity of the platform. Liquidity refers to the availability of other users to bet against and the ability to quickly and easily enter and exit positions.
BetDex is a relatively new platform, and as such, its liquidity is still growing. However, the platform has seen steady growth in terms of the number of users and the volume of bets being placed. BetDex uses a mechanism called automatic market maker (AMM) to provide liquidity to markets. AMM is a decentralized trading algorithm that automatically adjusts the price of a market based on supply and demand.
While BetDex’s liquidity is still growing, the platform is designed to attract liquidity providers who can help improve the liquidity of markets. Liquidity providers earn a share of the fees generated by a market in exchange for providing liquidity to the market. This incentivizes users to help improve the liquidity of markets, which can benefit both liquidity providers and users.
BetDex offers customer support via email and social media channels such as Twitter and Discord. The platform also has an extensive FAQ section that covers a wide range of topics related to using the platform.
The quality of BetDex’s customer support is generally good, with the support team being responsive and helpful in resolving issues. However, because BetDex is a decentralized platform, there are limitations to the level of support that the team can provide. For example, the team cannot assist with issues related to the Solana network, such as delays in transaction processing or gas fees.
That being said, the BetDex team is transparent about the limitations of their support and is quick to direct users to resources that can help address their concerns. The platform also has a community of users who are active on social media channels who can often provide assistance and answer questions.
BetDex is powered by the Solana network, which offers several advantages over other blockchains. Solana is a high-performance blockchain that is capable of handling a large number of transactions per second. This can result in faster and cheaper transactions for BetDex users, which can improve the user experience and make it more efficient to place bets.
One of the main advantages of the Solana network is its high transaction throughput. Solana can handle up to 65,000 transactions per second, which is significantly higher than many other popular blockchains such as Ethereum. This high throughput is achieved through a unique consensus mechanism known as Proof of History, which reduces the time required to confirm transactions.
Another advantage of the Solana network is its low transaction fees. Because Solana can handle a large number of transactions per second, the fees charged for each transaction are relatively low compared to other blockchains. This can result in significant cost savings for BetDex users, especially for frequent traders or those placing large bets.
However, there are also some drawbacks or limitations to using the Solana network. One potential limitation is the availability of wallets and other tools that are compatible with the Solana network. While the Solana ecosystem is growing rapidly, it is still less mature than other blockchain ecosystems, which can make it more challenging for users to find compatible wallets or tools.
Overall, the use of the Solana network is a significant advantage for BetDex, providing a fast and efficient platform for users to place bets. While there are some limitations to the ecosystem, the rapid growth of the Solana ecosystem suggests that these limitations are likely to be overcome in the future.
BetDex uses the Monaco Protocol to facilitate its decentralized betting exchange. The Monaco Protocol is a layer 2 scaling solution that allows BetDex to process a large number of bets off-chain, which can increase the speed and efficiency of the platform. This is achieved through the use of state channels, which allow users to conduct transactions directly with each other off-chain, rather than through the blockchain.
One of the main advantages of the Monaco Protocol is that it can significantly improve the overall user experience on BetDex. By processing transactions off-chain, the Monaco Protocol allows for near-instant confirmation times and reduces the transaction fees that users have to pay. This can make the platform more accessible and user-friendly, especially for those who are new to decentralized betting exchanges.
Another advantage of the Monaco Protocol is that it sets BetDex apart from other betting exchanges that are reliant on traditional blockchain technology. The Monaco Protocol’s layer 2 scaling solution enables BetDex to handle a large volume of bets without sacrificing speed or security. This can make the platform more attractive to users who are looking for a fast and efficient betting exchange that can handle a high volume of transactions.
Overall, the Monaco Protocol is an innovative layer 2 scaling solution that allows BetDex to process a large number of bets off-chain, improving the speed and efficiency of the platform. While there are some potential limitations, the benefits of the Monaco Protocol make it a key feature of BetDex that sets it apart from other betting exchanges.
BetDex is a promising decentralized betting exchange that offers a unique and innovative platform for users to place bets on a variety of sports and markets. The platform’s use of the Solana blockchain and the Monaco Protocol provides fast and secure transaction processing, while the use of smart contracts ensures transparency and fairness in the betting process.
While BetDex is still a relatively new platform, it has shown steady growth in terms of the number of users and the volume of bets being placed. The platform’s user interface is intuitive and easy to use, and the quality and variety of betting options are generally good.
That being said, BetDex’s liquidity is still growing, and users may experience limitations in certain markets. Additionally, because BetDex is a decentralized platform, there are limitations to the level of customer support that the team can provide.
Overall, we would recommend BetDex to users who are comfortable with using decentralized platforms and are looking for a unique and innovative platform for placing bets. The platform’s use of the Solana blockchain and the Monaco Protocol provide a high level of security and transparency, while the user interface is easy to navigate. While the platform is still growing, the incentives for liquidity providers and the steady growth in users and betting volume suggest that BetDex has the potential to become a major player in the decentralized betting space.
New customers only up to 50 USDT, in licensed jurisdictions. T&C's apply. #ad
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