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The Chiliz token (CHZ) is expected to be the “fuel” for the newly-released blockchain.
Web3 infrastructure provider, Chiliz is having a great time at the moment as the price of its native token CHZ continues to rise. The token surged by over 28% in 24 hours and was seen trading at $0.1779, per CoinMarketCap data. While that is its all-year high, the CHZ price has now retraced a bit. As of publication, it was seen trading at $0.1728. But even that is still a 13.51% rise in its price in just 24 hours.
What’s Causing Chiliz Token (CHZ) to Surge?
For what it’s worth, the token price surge is due to a recent announcement that Chiliz shared. The firm announced in a blog post that it has validated the genesis block of its new layer-1 (L1) chain.
According to the announcement, the blockchain, which is EVM-compatible (Ethereum Virtual Machine), will be focused on non-fungible tokens (NFTs), Play2Earn (P2E) games, Watch2Earn (W2E) sports events, as well as live event ticketing payments.
For now, Chiliz says it will only allow approved third-party developers to launch smart contracts. However, it also confirms that it plans to onboard between eight to ten startups onto the blockchain. But that will be done in stages over the next few months. According to Chiliz, the startups will include businesses ranging from NFT ticketing pilots to web3.0 infrastructure partners as well as athlete-focused fan tokens.
The blog post also highlighted how the new blockchain has a system of 11 active validators with PoSA (Proof of Stake Authority) consensus. With that, it hopes to be able to process transactions faster at considerably lower fees, all while being energy-efficient as well.
Without a doubt, the Chiliz token (CHZ) is expected to be the “fuel” for the newly-released blockchain. This is so because holders are billed to be rewarded for staking on the network. Not to mention the impressive market cap of $1.13 billion that Chiliz currently has.
In closely-related news, Chiliz CEO Alexandre Dreyfus also announced the launch of the Chiliz World Tour hackathon for 2023/2024. Dreyfus confirmed that the program will hold in about 18 cities across the globe including New York, Paris and Seoul.