Chiliz, a blockchain provider focused on the Web3 sports and entertainment industry, is celebrating its fifth anniversary with a rebranding and then with a piece of big news: the genesis block of the new Layer-1 EVM-compatible Chiliz blockchain, Chiliz chain 2.0, has been validated.
Alexandre Dreyfus, Chiliz CEO, announced the news excitedly on Twitter. "Boom. Block 1 of Chiliz Chain 2.0 was produced at 8.08 UTC on February 8. There is 8,888,888,888 CHZ. This is part of our DNA," he wrote.
With the launch, Chiliz hopes to attract more Web3 developers and brands to build on its new blockchain and obtain access to its Web3 infrastructure and sports and entertainment network.
Chiliz's native token, CHZ, will be the fuel for the Chiliz blockchain ecosystem, including all the dApps that will be built on top of it. Holders of CHZ tokens will also be eligible to win rewards for staking (or delegating) on the network.
CHZ price action
Chiliz rebounded significantly on Feb. 7 as it jumped from intraday lows of $0.136 to reach highs of $0.17. Shortly after the announcement of the Chiliz chain 2.0 on Feb. 8, the token surged by as much as 20%, reaching highs of $0.179 before a slight retreat.
At the time of publication, CHZ was up 13% in the last 24 hours at $0.17. Its trading volume had also shot up by 147% as traders jumped into the volatility to capture gains.
A sustained rise above $0.175, or the daily MA 200, holds the key to further increases, which might target $0.186 or even as high as $0.27 next. If the price falls, however, significant support appears to be forming near $0.12 and $0.13.