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Today, the Chiliz blockchain and its CHZ cryptocurrency, created for the entertainment and sports industry, announced the launch of its new Chiliz Chain 2.0 Mainnet.
Alexandre Dreyfus, Chiliz CEO, announced the launch via Twitter. The new Ethereum Virtual Machine (EVM) compatible Layer-1 blockchain, Chiliz 2.0, produced its genesis block. The price of CHZ, the native token, witnessed a positive rally, currently trading at $0.157, up 7.06% following the announcement.
Chain 2.0 Upgrading Chiliz Platform Using EVM Technology
Dreyfus said the Chiliz Chain 2.0 launch today has seen the platform upgraded using Ethereum Virtual Machine (EVM) technology with a fully Ethereum-compatible environment and low network fees.
The CEO said the launch of the new chain would see more Web3 developers and brands join Chiliz to build on its new blockchain and get access to its Web3 infrastructure, entertainment, and sports network.
According to a press release, Chiliz Chain 2.0 (CC2) is set to accelerate the creation of fan tokens and enable brands and clubs to issue them, mint nonfungible tokens (NFTs), and other DeFi products, such as play-to-earn crypto games and merchandised certificates.
Dreyfus said the upgraded Chiliz Chain 2.0 Mainnet would see the CHZ token become a global network, with more mainstream brands and sports and entertainment entities set to join the CHZ ecosystem.
As per the announcement, the new network will create a Web 3 ecosystem where users can develop new experiences whereby the value of the community increases as more people join. Participants will also be able to access global brands and leverage existing partners in the entertainment and sports industry.
The CHZ token will enhance the accessibility of the Chiliz blockchain ecosystem and all the dApps built on top of it. Holders of the CHZ token will become eligible to win rewards for staking and (delegation of staked tokens) on the network.
Chiliz is a popular cryptocurrency that allows fans to mint tokens related to sports events, professional athletes, and entities with Blockchain tools to help them engage with their fans.
Chiliz has so far partnered with over 120 major sports teams and clubs, including the likes of esports teams, NBA teams, Formula One Giants, The Ultimate Fighting Championship (UFC), and football clubs like Manchester City, Arsenal, Paris-Saint Germain, Atlético de Madrid, A.S. Roma, and FC Barcelona, among others, as well as collaborating with the entertainment market.
Chiliz Price Analysis
CHZ was established in August 2019 and, within a few days, soared its value to the $0.0150 mark. Since then, crypto has seen a positive performance.
The coin gained significant traction in the market in 2021 because of its unique offering and multiple partnerships.
Last year, Chiliz slid its price, partly triggered by the crypto bear market, catalyzed by the crash of the Terra ecosystem, Three Arrows Capital, and crypto exchange FTX. These collapses left the crypto industry struggling and the token consistently trading below the $0.10 level.
Since this year, Chiliz has surged its value. The token is trading at $0.156901, up 0.83% in the last 24 hours, with a trading volume of $669 million. With a market cap of $1 billion, CHZ is currently ranked #53 among cryptocurrencies listed on Coinmarketcap.