Chiliz Network Shares Crucial Updates for Users, Here Are Details

According to the most recent update from the Chiliz network, the CHZ token and fan tokens will merge into a single blockchain as part of the transition to Chiliz Chain 2.0, a new and upgraded version of Chiliz Chain.

This justifies why fan tokens are created on Chiliz Chain, an EVM-compatible blockchain, while the Chiliz Token is an ERC-20 token established on the Ethereum network.

An update from Chiliz - The No.1 Sports and Entertainment Fan Token Ecosystem 🤝

✅ $CHZ is going native
✅ The new chapter of the Chiliz Exchange
✅ More about Chiliz

Read the latest update 👇

⚡️ $CHZhttps://t.co/jJqoXviorr

— Chiliz ($CHZ) - Powering Socios.com ⚡ (@Chiliz) November 9, 2022

Chiliz claims it remain an EVM-compatible chain because doing so will allow it to take advantage of the Ethereum ecosystem through cross-chain interoperability. The updated Chiliz 2.0 chain is expected to provide higher TPS and less expensive transactions than Ethereum.

The new Chiliz Chain will make use of a Proof-of-Staked-Authority (PoSA) consensus that provides the best possible scalability, governance structure, staking and speed, expanding the uses of CHZ as well as Fan Tokens, and offering more Web3 opportunities for the sports and entertainment industries.

However, the chain will go through a total of six stages in its testnet phase before launching on the main network. One of the first exchanges to offer Chiliz Chain 2.0 will be Chiliz Exchange, or ChilizX.

ChilizX, referred to as a new chapter of Chiliz Exchange, offers trading for 59 fan tokens, including those of national and professional soccer teams. Additionally, it serves as a source of liquidity for the marketplace on Socios.com.

In short, the team promises that ChilizX will see more sports-oriented features to better fit the unique needs of sports and entertainment assets in the world of Web3.

Chiliz price action

In line with the current crypto market crash, Chiliz was down 20% at $0.195 in the last 24 hours. Chiliz has also erased its monthly gains, falling 14.25% in the last week.

Chiliz rallied at the start of November as fan tokens gained popularity ahead of the FIFA World Cup, slated to commence on Nov. 21. However, due to the recent market sell-off, most of these gains appear to have been erased.