In the crypto space today, there are a handful of projects focusing on the sports niche. The most prominent project would be Chiliz. In this two-part article series, we answer a few basic questions about the project. We also provide a brief rundown of their native token: $CHZ.Β
What Is Chiliz?
Chiliz aims to be the leading blockchain fintech provider for sports and entertainment. In turn, it hopes to make $CHZ the digital currency for sports entertainment platforms.
From the time of its growth, Chiliz has championed the sports tokenization space. To do this, they list tokens which are tied to popular sports clubs. These include:
- Soccer club tokens. Examples include the Manchester City and PSG tokens.
- Fighting club tokens. One example is the Professional Fighters League token.
- Racing team tokens. One example is the Alfa Romeo token.
- Gaming club tokens. Examples include the OG and NaVi tokens.
Chiliz operates an exchange where you can buy, sell or swap these tokens. For a complete listing of these tokens, you can refer to this list.
Made for fans.
Introducing a new look for Fan Tokens. #BeMoreThanAFan pic.twitter.com/6lRMg0tKD9
— Socios.com (@socios) January 26, 2023
So, what are these fan tokens for? They allow holders to make some minor decisions on the club’s future plans. You can get a glimpse here or below for samples of these polls. With these tokens, holders can also get VIP access and benefits. This improves fan engagement for these sports clubs.
Apart from fan tokens, Chiliz is also improving its blockchain technology. They’re releasing their new testnet, “Scoville“. With this, they hope to usher in Chain 2.0 (CC2). CC2 will launch with better scalability and governance. In turn, this will improve fan experience when they interact with fan tokens and the CC2 platform.
We're heading to the final stage. Get ready.
β πΏππππ π· | π°ππππππ
β πΏππππ πΈ | πΉππππππΜπ
β πΏππππ πΉ | πππππππ
β πΏππππ πΊ | π²ππ’ππππ
β πΏππππ π» | πΏπππππ
β° πΏππππ πΌ | πΌππππππππ#ScovilleNFT β‘οΈ $CHZ pic.twitter.com/75iNCBwGRu— Chiliz ($CHZ) – Powering Socios.com β‘ (@Chiliz) January 25, 2023
As of time of writing, the team is on Phase 6 of their CC2 chain development. The next step would be CC2’s mainnet launch.
$CHZ Use Case
“There’re so many fan tokens already! So why do I need $CHZ?” This may be the first question arising in your mind. If yes, do read on!
First, $CHZ acts as a base currency for buying, selling and swapping fan tokens. Whether you’re using Socios, Chiliz’s fan engagement platform, or the Chiliz exchange, you’ll need $CHZ as shown below.
Secondly, the Chiliz team has plans to improve the utility of $CHZ. Upon CC2’s release, $CHZ will have additional uses such as on-chain staking and for rewards.
3. By evolving the Chiliz Chain, we will expand the utility of the $CHZ token. Introducing:
– Staking of $CHZ
– Low Network Fees
– Smart Contracts with High TPS
– A Decentralized Exchange
– EVM Compatible— Chiliz ($CHZ) – Powering Socios.com β‘ (@Chiliz) June 13, 2022
How to Stake $CHZ?
Hold your horses! Didn’t we just say staking $CHZ isn’t available until CC2 launches? So, how are people staking $CHZ now?
Well, most $CHZ holders now are “staking” their tokens on Centralized Exchanges (CEXs). Do note that you’re not staking on the $CHZ network itself. So, your funds could get lost if the CEX mishandles your funds.
Today, the only CEX supporting staking for $CHZ is Binance.Β To start staking with Binance, follow the steps below:
- First, you’ve got to have a Binance account with $CHZ tokens.
- Next, log in to your account. Head on over to the link here.
- Lastly, click on the “Subscribe” button as shown below. Input the amount of $CHZ you’d like to add to the program.
Ta-da! You’re now staking with Binance using their Earn product. With that, you’ll be getting 1.15% per year on your $CHZ holdings. It’s not much but hey, it’s still something!
Conclusion
We hope we’ve answered some of your queries on Chiliz! Read part 2 of this article series, where we’ll look at fan tokens and how to buy $CHZ.
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