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Chiliz Adds New Blockchain

Altcoins

www.altcoinbuzz.io 29 March 2022 19:26, UTC
  
Reading time: ~2 m

Layer 1 blockchains can have problems of differentiation at times. None of them are Bitcoin. None of them are Ethereum. And most of them don’t want to be. But what are they? One Layer 1 that doesn’t have this issue is Chiliz. In fact, they are taking their specialty and going even deeper.

Chiliz is already the leading blockchain for sports and entertainment. Many teams, especially in European soccer use its Socios platform to host their fan tokens. Juventus and Real Madrid are just two examples. They’ve carved a great niche for themselves.

And now they are going even further.

Chiliz is building a new blockchain, Chain 2.0.

What is Chain 2.0?

First, why does Chiliz need to build a 2nd chain? Their first chain is doing just fine. The main reason is that they wanted an EVM-compatible chain and have it run separately from the main chain.

We think this is a smart strategy. Avalanche does this with its C-Chain. Cardano does it with Milkomeda. The idea is to be able to run the Ethereum apps and use ERC-20 tokens but not have it clog up the main chain.

This will reinforce its strength in sports and entertainment. Teams and companies that issue ERC-20 tokens for ease and convenience will be able to trade them while staying on Chiliz. A couple of other advantages a Chiliz EVM chain will have are:

  • Low gas fees in CHZ
  • Staking for the first time
  • Easy addition of NFTs for their sports team clients

NFTs and your favorite sports team are definitely a money-making match.

Chiliz is having Ankr build the chain for them. Aside from building many Web3 apps, Ankr is one of the largest PoS validators around. They have a validator on BSC and other chains too. They are a big player in PoS staking. Ankr will launch a validator on the new chain too.

Lastly, Chiliz hopes to increase usage of $CHZ with this chain. They want to reduce dependence on the Socios platform. Right now, Socios earns most of its revenue. Also, they hope to offer more services in sports and entertainment.

Chiliz Price Activity

Chiliz $CHZ token is trading at 29.8 cents. In the last 24 hours, the trading volume is $787 million. Chiliz market cap is $1.6 billion, making it the 81st largest crypto project by market cap.


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