The recent wave of token fanatics is starting to come back strong, led by Chiliz (CHZ) with a 53% gain over the past week.
On August 16, CHZ increased from 0.17 USD to 0.21 USD, bringing the market value to 1.24 billion USD. This token has been growing steadily since the end of July and has almost doubled since then.
The reason for this strong uptrend may be because the CHZ release team on August 15 “teased” about the upcoming testnet update. On the official Twitter channel, Chiliz posted an article mentioning Pequin, a Phase 5 update of the Scoville testnet.
The name “Scoville” refers to the degree of spiciness of the chili, so the developers have named the peppers for each stage of development. For example, Stage 4 was called Cayenne and Stage 3 was previously called Cerrano. Although the post didn’t detail the innovations, the CHZ team emphasized the spiciness of the Pequins, promising a similar explosion of the network to users. On May 17, CHZ confirmed the launch of Phase 2 for the Scoville testnet.
During this period, users can experience 2 new features, Pepperswap decentralized exchange (DEX) and token fan survey.
According to the information on the website, the network aims to create a Web3 ecosystem focused on sports and entertainment. Stakeholders can work together to build a safe community. At the same time, the network will leverage its access to global brands to build sports and entertainment resources.
Scoville is the public testnet of Chiliz Chain 2.0 (CC2), the first layer1 blockchain for sports fans. CC2 allows sports and entertainment brands to mint NFTs and fan tokens, build DeFi products and Play2Earn (play for money) games. In addition, blockchain facilitates the organization of events, connecting customers and sellers, thereby unlocking the great potential of Web3.
CC2 is powered by the CHZ token, marking a huge step forward in the utility of CHZ. The token is not just a fan-app currency but has become an important enabler of the network.
Therefore, as soon as it was announced that CC2 entered a new phase, CHZ quickly increased sharply. With fan tokens, holders have the right to vote, watch matches and receive rewards related to their favorite team.
Launching the CC2 testnet is the most significant step forward for the Chiliz ecosystem since the launch of Socios.com in late 2019. The team’s goal is to drive blockchain technology adoption among global sports organizations. More than 130 leading sports organizations have built partnerships with CC2, typically Paris Saint-Germain, FC Barcelona, Juventus, AC Milan and Inter Milan.
In early August, FC Barcelona announced that Chiliz would become a strategic partner of the team. Thanks to Chiliz’s $100 million investment, Barça Studios creates engaging NFTs and metaverse projects, enhancing connections with global fans.
Besides, the World Cup tournament in November is approaching. Not only football fans, global people are also curious about the final winners and turn their attention to token fans.
After completing the testnet phases, the Chiliz Chain 2.0 mainnet is expected to launch in Q4 of this year. In the meantime, the team needs to introduce new exciting features to keep the current heat