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Top Brazilian Crypto Exchange Mercado Bitcoin Adopts Sports Token Chiliz

Mercado Bitcoin, the largest cryptocurrency exchange in Brazil, has announced its plans to add sports token Chiliz ($CHZ) to its existing list of digital assets.

This is big news for the developing blockchain fintech company specialized in sports and entertainment Chiliz, as Mercado consists of the largest digital asset trading platform in Latin America.

With $CHZ being accessible on the largest cryptocurrency exchange in Latin America, the fan token may significantly increase in popularity, as Mercado Bitcoin currently has more than 1.9 million registered users on its platform.

Introducing Chiliz

Chiliz is a sports blockchain platform focused on sports and entertainment, that developed Socios.com as an app that could be used for sports trading purposes. Socios.com encourages fans to vote in club polls and earn digital assets as rewards for their efforts. The payout is in $CHZ and is also known as “Fan Tokens”. Chiliz utilizes $CHZ as the sole on-platform currency and runs on a personalized blockchain infrastructure.

The sports-focused digital trading platform has previously extended its entertainment services and partnered with renowned “big names” in the sports industry, notably FC Barcelona, Juventus and Paris Saint-Germain, among others. Not only are their $CHZ tokens used in soccer-related sports entertainment, but in May, Chiliz has also partnered with UFC.

Tokenization in the Sports Industry

The sports industry appears to be also slowly making their way towards globalizing tokenization, with FC Barcelona launching their own Fan Token, $BAR, earlier in June 2020. This move generated $1.3M in sales revenue in less than 2 hours. Enthusiastic about the record sales time of fan tokens, CEO and Founder of Chiliz Alexandre Dreyfus took to his Twitter account and wrote that the token flash sale was a success, with fans and crypto enthusiasts from 106 countries buying the Fan Tokens.

Chiliz CEO Alexandre Dreyfus Likes Mercado

He also tweeted about his recent partnership with Mercado Bitcoin, saying that Chiliz is the first ‘altcoin’ or proper utility token to be listed on the leading Brazilian crypto exchange. He is enthusiastic about the fact that Mercado Bitcoin has a nearly 2M user base and thinks that the partnership with them will consolidate his strategy to expand his crypto company growth to Latin America and Brazilian teams.

5 Factors Behind Chiliz (CHZ)'s Price Surge

Chiliz (CHZ) is a blockchain-based sports platform that aims to provide blockchain-based solutions for the sports industry and help fans participate in the token economy.

According to Coinmarketcap, CHZ has risen by 5.46% in the past 24 hours and by 392.13% in the past 7 days. The market capitalization ranks No.30 with a value of $3,642,507,507 and at the time of writing, CHZ is trading at $0.6251.What are the factors behind the skyrocketing Chiliz?

The NFT(Non-fungible tokens) boom drove the rise of Chiliz

Source: NFT Volume Via Dune Analytics

Source：Total OpenSea Users Overtime via Dune Analytics

The excellent performance of CHZ/USD has shocked many, mainly because people’s wide interest in non-fungible tokens (NFT) has greatly served to explain its boom. The popularity of the NFT market has also contributed to the rise of CHZ tokens.

The total transaction volume of the NFT market reached $342 million, a full increase of 7450% from last year. The total transaction volume of the NFT trading platform OpenSea in February reached $93.9 million, a record high about 11.68 times the total transaction volume in January. Moreover, the total number of OpenSea users has exceeded the 60,000 mark.

Blockchain fintech company Chiliz releases a $50 million investment expansion plan.

CHZ price received an increasing boost when CEO Alexandre Dreyfus announced that he would invest $50 million in U.S expansion on March 2 to target the leading franchises from NBA, NFL, MLB, NHL, and MLS as part of its wider global expansion plans for 2021 and to help fulfill the company’s goal of creating a “multi-billion dollar digital sports ecosystem.” Chiliz is currently holding talks with the prestigious car race championship teams in order to strengthen its control over other sports.

NFT’s Google global search volume surpasses Defi(decentralized finance).

According to Google’s global search volume, the global search volume of NFT (blue) has a significant leap this year, far surpassing the search volume of decentralized finance (Defi), depicted in red below.

Source: Google Trend

The digital asset “fan token” created by Chiliz has been launched on many mainstream cryptocurrency exchanges.

On March 3, Chiliz coin was added to the list of the world’s leading cryptocurrency spot and derivatives exchange OKEx, in order to conduct spot transactions on the platform. CHZ can be traded on crypto exchanges such as OKEx, Binance, and Huobi Global.

Premier football team Paris Saint-Germain’s (PSG) advancement to the Champions League quarter-finals drives the demand for football-based digital fan tokens

Paris Saint-Germain’s progress to the quarter-finals of the Champions League triggered a surge in the trading volume of several leading sports organizations in the world on major cryptocurrency exchanges, resulting in a trading volume of $550 million.

Altcoin Watch: Top 2 Tokens to Watch This Week

Last week with The Merge and the Consumer Price Index (CPI), inflation data ushered in draining volatility into the digital currency ecosystem, sending the combined digital currency market cap below the $1 trillion support.

At the moment, the market valuation is pegged at $934.86 billion, down 4.09% at the time of writing, according to data from CoinMarketCap. With the instability in the market, here are key tokens that are likely to define the market trend this week.

Ethereum (ETH)

Ethereum is arguably the most watched altcoin in the crypto ecosystem as it has been barely a week since it transitioned from the Proof-of-Work (PoW) model to the more energy-efficient Proof-of-Stake (PoS).

The transition appears badly timed as key US inflation data was released last week, thus interfering with the price of Ethereum, which spiralled downwards. With its current price at $1,337.37, Ethereum was down 8.23% in the past 24 hours and by a massive 24.03% for the week.

Arguably, we can say the price is low based on the fact that investors are counting the costs of backing the new protocol now that a forked version of ETHW is bound to hit exchanges in the short term. For what it’s worth, Ethereum is a token to watch, as the price slump may signify a buy signal, thus helping to recorrect its trend in the coming week.

Chiliz (CHZ)

Chiliz is a digital currency for sports and entertainment. The Chiliz protocol operates the blockchain-based sports entertainment platform Socios, which enables users to participate in the governance of their favourite sports brands.

The CHZ token is one of the high flyers in the broader ecosystem, soaring as high as 5.11% in the past 24 hours and 10.95% over the trailing 7 days period. With a growing ecosystem and a renewed interest in social and fan engagement tokens around the world of sports, the relevance of CHZ is becoming visible to all, thus fueling the token’s growth.

CHZ should be on investors’ radar over the coming week, as a slowed growth trend should be expected following the current rally.

Chiliz (CHZ) Surges 15% Amid 2022 World Cup Tournament, Mainnet Launch

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Data from TradingView, a financial trading platform, shows that Chiliz (CHZ) posted a strong performance over recent weeks, with prices showing bullish trends, therefore worth analyzing.

The price of Chiliz has risen by 19.92% in the past 7 days, owing to optimism in the cryptocurrency market and positive fundamentals. The price declined by 0.08% in the last 24 hours.

At the time of writing on Monday at 08:47 pm EAT (East Africa Time), Chiliz’s price remained 14.8% up, trading at $0.218557 USD with a 24-hour trading volume of $941,487,907 USD. The token is currently ranked #42, with a live market capitalization of $1,312,869,213 USD, according to CoinMarketCap.

Chiliz (CHZ) is the native token that powers Socios.com, a sports fan engagement platform, which is built on the Chiliz blockchain infrastructure. The platform lets users trade fan tokens to show their support for professional sports teams. The tokens on Socios.com — called Fan Tokens — make users eligible for rewards and can also be used to influence team decisions by popular voting on the Chiliz blockchain.

Why does Chiliz remain bullish?

The 2022 FIFA World Cup scheduled to begin on November 20 in Qatar is adding buying pressure to the CHZ token and could continue fueling the bullish incentive. A Chiliz-associated representative described via Twitter social media that FIFA was a heavy factor in the latest rally.

Since October 22, CHZ hit a local bottom of $0.1624, as a result, has been trending upwards as football anxiety builds in anticipation of the world cup tournament.

The World Cup will see 32 national football teams compete to crown a new world champion. As fans gear up for the tournament, the fan tokens have witnessed an uptick in popularity and yielded double-digit weekly gains.

Another reason for the building momentum for Chiliz has been the success of the fan tokens, which were created for several sports organizations, including European football clubs such as Barcelona, Paris Saint-Germain, AC Milan, Juventus, and Man City, among others. National football teams like Argentina and Portugal have also signed up for the fan tokens, which signals continued adoption of the cryptocurrency.

Besides that, the sports token is transitioning to a new layer-1 blockchain network called Chiliz Chain 2.0 (CC2) which promises wider possibilities for investors. The mainnet of its layer-one blockchain is set to go live by the end of this year, fueling another uptick.

According to Blockchain.News recent report, CC2 promises to help sports and entertainment brands introduce Web3 capabilities, including the ability to mint NFTs and fan tokens. It also seeks to build out decentralized finance (DeFi) products and play-to-earn games, create events, and host loyalty and merchandising programs.

SEC Lawsuits Target Multiple Tokens: DCG Founder Points Out Absence of PoW Cryptos

In an unfolding legal battle against two major cryptocurrency exchanges, Coinbase and Binance, the United States Securities and Exchange Commission (SEC) has declared various tokens as securities. These tokens include SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO in the case against Coinbase. For Binance, the list features SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

This declaration by the SEC highlights its ongoing effort to regulate the cryptocurrency market and could have substantial implications for these tokens and their holders. If the SEC succeeds in classifying these tokens as securities, it would subject them to more stringent regulatory rules and obligations.

Barry Silbert, the founder of Digital Currency Group (DCG), commented on the situation via Twitter, noting, “No Proof of Work tokens in any of the lawsuits, I believe (BTC, LTC, XMR, ETC, ZEC, etc.).” Silbert’s tweet refers to the SEC’s decision to not include tokens that use Proof of Work (PoW) consensus mechanism in their lawsuits. This includes Bitcoin (BTC), Litecoin (LTC), Monero (XMR), Ethereum Classic (ETC), and Zcash (ZEC), among others.

The implication of Silbert’s statement suggests that the SEC might be differentiating between PoW tokens and other tokens. This differentiation could lead to different regulatory standards and implications for tokens depending on their underlying consensus mechanism.

This ongoing case and the SEC’s decisions could set a precedent for future regulations and classifications in the crypto market. As such, all eyes within the crypto community are keenly focused on the developments. It is yet to be seen how these decisions will shape the regulatory landscape of digital assets.

Crypto Exchange Bitstamp to Suspend Trading AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL

Bitstamp, one of the world’s oldest cryptocurrency exchanges, has announced a suspension of trading for seven cryptocurrencies in the United States, effective from August 29, 2023. The affected cryptocurrencies include AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL.

In an official statement released on Bitstamp’s blog, the company explained that the decision was made “considering recent developments” and in alignment with their “comprehensive framework” to evaluate cryptocurrencies in light of the dynamic regulatory environment. The statement further clarified that as of the mentioned date, new orders involving these assets would be disabled, and all existing orders across the affected trading pairs would be canceled.

Customers in the U.S. will still be able to hold these assets within their Bitstamp accounts and withdraw them at any time. The company has urged users to execute any desired buy or sell orders involving the affected assets before the deadline.

The New York State agency of Financial Services has issued Bitstamp USA, Inc. a license allowing it to participate in Virtual Currency Business Activity. This same agency has also issued Bitstamp USA, Inc. a license allowing it to act as a Money Transmitter.

This move comes at a time when Bitstamp is actively seeking to raise funds for expansion. The delisting coincides with the company’s efforts to comply with the dynamic regulatory environment, as stated in their official announcement, though no direct connection to investor pressure has been publicly disclosed

According to a Bloomberg report, Bitstamp initiated the fundraising process in late June 2023, with Galaxy Digital Holdings acting as an adviser. The funds are planned to be used for launching derivatives trading in Europe next year, expanding into Asian markets, and enhancing operations in the U.K.

Bitstamp’s global chief executive officer, Jean-Baptiste Graftieaux, emphasized that the company is not for sale and that the priority is to “accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”

Founded in 2011 and headquartered in Luxembourg, Bitstamp was once a primary venue for Bitcoin trading. It is now the world’s seventh-largest exchange, with about $126 million in trading volume in a recent 24-hour period. In 2018, Bitstamp was acquired by NXMH, a European investment firm owned by South Korean conglomerate NXC.

The suspension of trading for the seven cryptocurrencies is a significant indicator in Bitstamp’s operations, reflecting the ongoing challenges and complexities of regulations.

Chiliz (CHZ) Chain Announces Tokenomics 2.0 with Inflation Model and Burn Mechanism

Chiliz Chain Tokenomics Evolution

In a recent update, the Chiliz Chain, a sport blockchain protocol for sports and entertainment, has rolled out its Tokenomics 2.0. This shift, marking the end of the blockchain’s inaugural year, brings significant changes to the economic strategy of its native digital currency, $CHZ.

Detailed Inflationary Framework

The updated tokenomics, introduced at the start of 2024, entails an initial annual base inflation of 8.80%, with a calculated year-over-year decay. This decay is governed by a specific formula, y = 9.24e(-0.250x) + 1.60, which anticipates a gradual reduction of inflation that will eventually stabilize at 1.88% in the 14th year. The token’s supply is expected to experience a shift towards a deflationary model if the burn rate of transaction fees surpasses the annual inflation rate.

Allocation and Utility Enhancement

With 65% of the inflation supply designated for validators and delegators, the Chiliz Chain ensures significant rewards for those involved in network governance and security. An additional 10% is allocated to the Community Vault, $CHZ Liquidity Pools, and Shared Security Restaking Rewards. The remaining 25% is directed towards Ecosystem and Operational Distribution, underscoring the platform’s commitment to continuous development and support for ecosystem projects.

Strategic Implications

The strategic update is aimed at fostering sustainable growth and enhancing the utility of the $CHZ token. By aligning with the economic strategies of leading Layer 1 protocols, the Chiliz Chain is positioning itself for increased community engagement and long-term viability within the competitive blockchain industry.

The introduction of EIP-1559 also plays a crucial role in the new tokenomics, where a majority of the gas fees will be burned at the protocol level, potentially leading to a deflationary supply model in the future.