Chiliz List Man City ($CITY) Fan Token

Popular sports tokenization network Chiliz is gearing up for a major upgrade. Testing on its Scoville testnet has been progressing well in the run-up to the launch of Chiliz Chain 2.0.

The Chiliz Chain 2.0 aims to create a Web3 ecosystem focused on the sports and entertainment industry. Furthermore, it will be an ecosystem where stakers can access global brands and leverage an already existing partner network of sports entities.

The Chiliz Chain 2.0 is slated for launch in Q4, 2022 but testing is already happening on the Chiliz Testnet Scoville. Additionally, phase 2 of the testing started last week. This will enable testing of the PepperSwap decentralized exchange and token swap interface.

Powering Web3 Fan Tokens

Chiliz powers the network, a platform dedicated to fan tokens. It has partnered with more than 130 of the world’s leading sports organizations.

The Chiliz Chain 2.0 (CC2) will be a completely new Ethereum Virtual Machine compatible blockchain to run alongside the existing Layer-1 chain. This will reduce the load on the main chain allowing for faster and cheaper transactions.

CC2 will enable sports and entertainment brands to mint NFTs and fan tokens. Additionally, developers can build DeFi products and play-2-earn (P2E) games. They can also create events, loyalty, and merchandising programs on the network.

The network’s CHZ token will power the new chain increasing its utility from the in-app payments currency. CEO of Chiliz and Socios, Alexandre Dreyfus, said: β€œin many ways, this is the biggest step forward we’ve taken since we launched the app in late 2019.” He added that it is a huge step forward for the CHZ token.

Chiliz has boasted some impressive usage and adoption stats recently. It has more than 340,000 wallet addresses and has processed over 7.4 million transactions.

Furthermore, the Chiliz Chain 2.0 will adopt the proof-of-stake authority (PoSA) consensus model. All approved stakeholders will become node operators and benefit from the continued adoption of the network. PoSA is a hybrid between PoS and PoA consensus mechanisms supporting a shorter block time and lower costs than PoW.

CHZ Token Price Outlook

The CHZ token has made 5.5% on the day according to CoinGecko. As a result, it was trading at $0.126 at the time of writing. However, CHZ has been hit hard in the broader crypto market decline this month.

CHZ has lost 43% over the past month and is down 85% from its March 2021 all-time high of $0.878.

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