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Chiliz (CHZ)-Ethereum Bridge Officially Goes Live, Here's What to Know

Wed, 05/10/2023 - 12:04
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Tomiwabold Olajide
Chiliz Chain mainnet, first-of-its-kind blockchain infrastructure for sports, now live
Chiliz (CHZ)-Ethereum Bridge Officially Goes Live, Here's What to Know
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In recent hours, Chiliz, a blockchain provider for the sports industry, has made two significant announcements.

First, the Chiliz Ethereum Bridge, which would enable users to transfer their CHZ tokens from the Ethereum mainnet (ERC-20) to the Chiliz Chain (CAP-20), is now live.

To use the Chiliz Ethereum bridge, users would need to have CHZ tokens on at least either of the networks, enough ETH to cover the gas fee if bridging from Ethereum, or enough CHZ to cover the gas fee if bridging from the Chiliz Chain.

In a major announcement, the Chiliz Chain mainnet, the first-of-its-kind blockchain infrastructure for sports and entertainment, is now live, marking a significant milestone for the world of blockchain and sports.

The public mainnet of Chiliz Chain has officially launched, ushering in the next stage of Chiliz's mission to improve relationships between fans, communities and their favorite sports teams and companies through blockchain technology.

More on new Chiliz Chain

Chiliz Chain is a Layer 1, EVM-compatible, proof-of-stake authority (PoSA) blockchain, marking the next phase in the Chiliz project. It is expected to deliver infrastructure for sports teams and brands to build Web3 products that encourage more direct engagement with their communities.

The EVM-compatible interoperable ecosystem will introduce a system of 11 active proof-of-stake authority (PoSA) node validators, which will include some of the most respected names in blockchain and eventually leading sports properties.

Chiliz: This Metric Predicts CHZ Price Change in Next Move

All fees on the Chiliz Chain will be paid using the Chiliz native token (CHZ), which acts as the network enabler of the new ecosystem. The new blockchain (2.0) will be known as the Chiliz Chain, whereas the old blockchain (1.0) will now be referred to as the Chiliz Legacy Chain.

The Chiliz team highlights that MetaMask is the only self-custody wallet currently available on the Chiliz Chain. The company also says that it will routinely launch new validators, products and services that will join the ecosystem and that it has more interesting upgrades planned for the coming weeks.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.