UBET Launches DEX for Sports Betting on Polygon
Betting project UBET will launch a decentralized exchange (DEX) on the Polygon network in July. UBET Sports will use automated market maker (AMM) algorithms to determine betting odds.
The UBET project team announced that they’re in the final stages of testing the decentralized betting exchange on Polygon, which will allow users to become liquidity providers and use the USDC stablecoin to bet on sports.
The UBET Sports platform is currently in the testing phase on the Mumbai network and will be launched on Polygon in July 2023. A key feature is the use of automated market makers (AMM). Unlike other projects of this type, where odds are calculated offline and only betting transactions are recorded on the blockchain, UBET’s AMM algorithm sets odds in real time. This way, users can get up-to-date information about market conditions. Moreover, AMMs enable a high degree of betting transparency and eliminate the risks of data manipulation.
The project team considers sports betting to be a type of financial instrument that can be traded like other derivatives. That’s why UBET Sports enables users not only to place bets but also to become liquidity providers (LP), allowing other users to participate in bets while receiving a passive income. The UBET team doesn’t issue its own token to be used on the platform, all bets and payments on the DEX will be made in USD Coin (USDC).
In early 2022, the UBET Sports project raised $2.5 million in funding from prominent companies such as Shima, GSR, Republic, and others.
