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Key takeaways
- Chiliz (CHZ) has announced several major developments that seek to spark more developer activity on Chiliz Chain 2.0, the ecosystem’s EVM compatible layer-1
- Both Moralis and Tatum have been revealed as new project partnerships for Chiliz, while a Chiliz Chain hackathon will be hosted at ETHGlobal in Istanbul this November
- The CHZ price prediction algorithm is expecting a major surge from CHZ over the coming weeks following its +38% gain in the past month
Chiliz Chain seeks to encourage more developer activity through recent project partnerships and first global hackathon
The price of Chiliz (CHZ) is $0.079 at the time of writing after it climbed +1.87% in the past 24 hours.
Chiliz Labs has announced that Chiliz Chain 2.0 has been integrated with two leading developer toolkits, Moralis and Tatum. Chiliz stated that it hopes the partnerships will “quickly accelerate the development and adoption of dApps in the sports and entertainment sectors.”
Chiliz unleashes the Chiliz Chain ecosystem: SportFi for everyone! ?⚽
— Chiliz ($CHZ) - Powering Socios.com ⚡ (@Chiliz) October 27, 2023
We're excited to announce a groundbreaking development in our mission to bring blockchain technology to the world of sports and entertainment. No more governance hurdles for developers.#ChilizChain ⚡ $CHZ pic.twitter.com/TJPZJahO1V
In addition to its recent partnerships with Moralis and Tatum, Chiliz is hosting a hackathon for its developer community. The event will be the first global hackathon hosted by Chiliz Labs, being held at ETHGlobal Istanbul between 17th and 19th November.
There is a $20,000 prize pool waiting for the hackathon’s winning team, as developers are tasked with launching a dApp on Chiliz Chain that focuses on either Fan Utility or general SportsFi.
About Moralis x Chiliz Chain
Moralis provides Web3 APIs for developers, collecting useful tools in a single location that can be seamlessly plugged in to blockchain applications. The integration of Moralis with Chiliz Chain will make it easier for developers to launch dApps on the network by providing blockchain APIs that can be tailored to custom sports applications.
Some key benefits of the Moralis integration are that the platform acts as a bridge between Chiliz Chain and other EVM compatible networks such as Ethereum, Polygon, and Binance Smart Chain. As well as this, Moralis helps to streamline the user onboarding process for dApps and tracks real-time blockchain data that can be used in custom applications.
About Tatum x Chiliz Chain
Tatum is a software development kit for Javascript that allows developers with limited blockchain experience to easily create decentralized applications. The platform supports over 90 independent blockchains, offering vast flexibility for developers seeking to deploy on-chain services.
Chiliz Chain has been added to Tatum’s list of supported blockchains, which opens the door for more developers to launch SportsFi solutions in the ecosystem. Chiliz stated that the Tatum integration “simplifies and accelerates” innovation as it “equips developers with an enhanced toolkit.”
Chiliz Chain 2.0 promises a new-and-improved ecosystem for fan tokens and other SportsFi solutions
The launch of Chiliz Chain 2.0 in Q1 2023 marked the beginning of a new era for the SportsFi blockchain. Chiliz Chain is now an independent layer-1 network, created as a fork of BNB Chain, that offers a scalable, specialized ecosystem for custom SportsFi applications.
Chiliz grew to prominence for its support of fan tokens, partnering with a long list of high-profile sports teams to offer a native crypto asset that can bring fans closer to the action. Manchester City, Barcelona, Paris St Germain, and Juventus are some of the football clubs that launched a fan token, with owners of the asset gaining membership perks such as exclusive merchandise and real-world experiences.
The mainnet launch of Chiliz Chain 2.0 now seeks to expand the SportsFi ecosystem even further. Moralis and Tatum will provide native support for Chiliz Chain which can unlock greater accessibility for developers. Chiliz hopes to encourage the development of more custom applications on its new SportsFi blockchain.
Algorithm predicts +241% jump for CHZ in the next few weeks
CHZ climbed +38% in the past month to hit $0.079 after a prolonged period of downside for the asset. While CHZ remains -22.55% down YTD, its recent bullish momentum is expected to pick up steam.
The CHZ price prediction algorithm has forecasted a massive spike within the next month that would take the token 3x higher than its current price level. The algorithm’s +241% forecast would take CHZ up to $0.27 by 23rd November, which may signal a promising trade opportunity in the short term.
Bottom line: Chiliz Chain provides bullish catalyst despite CHZ underperformance in 2023
The native CHZ token has underperformed the rest of the crypto markets in 2023, falling -22.55% YTD during a time period in which the TCAP has risen +73%. However, the launch of Chiliz Chain 2.0 and recent project partnerships could encourage more dApp development in the ecosystem and provide a fresh bullish catalyst for the native asset.
The disparity between Chiliz’s positive project developments and poor recent price action may represent a fair value gap to traders. After gaining momentum in recent weeks, the price prediction algorithm expects CHZ to enjoy a breakout that would take it back to its macro range high on the 1-year time frame. In total, this would be a 3x trade if it plays out.