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Here’s Why Chiliz (CHZ) Has Risen 69%

This is why Chiliz (CHZ) has risen strongly in recent times.

One of the biggest challenges crypto projects face is figuring out how to integrate with the real world and the right use case that can spark a new wave of adoption.

Integrating blockchain and cryptocurrency with professional sports has been the expected “next wave” for some time, and Chiliz (CHZ), a protocol focused on creating an interactive platform with fans for various sports leagues, came up with new developments this week.

Data from TradingView shows that the CHZ price has surged 69% from a 2022 low of $0.144 to a daily high of $0.256 on April 13.

CHZ/USDT Daily Frame Price Chart | Source: TradingView
CHZ/USDT Daily Frame Price Chart | Source: TradingView

Price CHZ has been building momentum and new partnerships between the Socios.com fan engagement platform and the 13 National Football League (NFL) teams, with the success of those The platform’s European football team token seems to add to the bullish sentiment. The project also plans to launch the public testnet of Chiliz Chain 2.0 (CC2).

New NFL Partnership Could Drive Growth

The most recent development to trigger the CHZ protest was the announcement that network sports fan engagement platform Socios.com signed multi-year marketing deals with 13 NFL teams on the 13th. April.

The deal marks the project’s presence in the US sports leagues and the NFL in particular as it previously only worked with the New England Patriots.

Success of European football team tokens

Another reason to motivate Chiliz is the success of Fan Token, created for several European teams.

With football being the most popular sport in Europe, Socios has focused on forming partnerships with some of the most popular teams, leagues and players to help expand its presence and attract new players. new use.

Most recently, Socios signed a marketing partnership with Lionel Messi, making the star the first global ambassador for the platform.

Lionel Messi and the creators of Fan Token have joined forces to build a more inclusive, exciting and rewarding future for fans around the world.”

Chiliz Chain 2.0 testnet could be a catalyst

On March 31, public testnet “Scoville” launched a new Layer-1 blockchain network called Chiliz Chain 2.0 (CC2).

CC2 is designed to help sports and entertainment brands showcase Web 3 capabilities, including the ability to mint NFTs and Fan Tokens. It will also build DeFi and Play-to-Earn products, create events, and host sales and loyalty programs.

The new chain has adopted the Proof-Of-Staked-Authority (PoSA) model, which is estimated to be up to 2,000 times more energy efficient than the Proof-of-Work (POW) model, and it will be compatible with Virtual Machines. Ethereum (EVM) but offers 200 times cheaper transaction costs than the Ethereum network.