Description
Founded in October 2021 by sports betting industry veterans Nigel Eccles, Varun Sudhakar, and Stuart Tonner (with experience from FanDuel and Betfair), BetDEX Labs, Inc. aims to revolutionize the sports betting industry using Web3 technologies. Their main product, the BetDEX Exchange, is a decentralized, peer-to-peer sports betting platform on the Solana blockchain. It is powered by the Monaco Protocol, an open-source, permissionless liquidity protocol for betting and prediction markets. This protocol enables developers to build their own betting applications and provides a global liquidity pool with a competitive 1% commission fee, no restrictions, and no KYC required for trading. The platform addresses issues like high fees and poor user experience in the traditional betting industry by offering a transparent, community-owned ecosystem. The Monaco Protocol itself is designed for various applications, including sportsbooks, sports betting exchanges, free bet wrappers, social betting products, and analytics dashboards.