The Socios.com ecosystem is somewhat relieved in these tense times for the cryptocurrency market. Fan Tokens saw significant growth earlier this week following listing announcements on new exchanges, token destructions, and the move to phase 2 of the Chiliz testnet.
The French project is enjoying a lull in the current storm
The Socios token platform, created in 2018 by Frenchman Alexandre Dreyfus, uses the principle of “fan tokens” to allow supporters to make decisions about the life of the club. This principle, invented by Socios, is a hybrid of cryptocurrencies and NFTs (Non-Fungible Tokens). Fan tokens can only be purchased using the chiliz cryptocurrency, also created in 2018.
In a climate of capitulation in the cryptocurrency market, green curves are rare due to the Terra (LUNA) incident and the intensifying geopolitical and macroeconomic environment, and seeing some is a real relief.
Sports fans were able to breathe a small sigh of relief earlier this week when they saw their fan token rally bullishly and appreciate by tens of percent. For example, the Paris Saint-Germain (PSG) fan token is up nearly 150% since Monday night, rising from $5 to over $12 before stabilizing around $10.
Fan tokens “are fully fungible digital assets that give you voting rights and other fan-centric utilities for the various teams that each fan token is associated with,” the company’s site clarifies. “Fan Tokens never expire, and since they are fungible, they can be freely exchanged for chiliz on the Socios.com platform and off-platform at any other fan token exchange provider licensed to operate on the Blockchain from Chiliz”, specifies the site.
One of the main reasons for the sudden rise in Fan Token prices was the recent announcement of Chiliz (CHZ), the protocol on which Socios.com is based. The CHZ token is the true fuel of the platform as it is the currency for sports fans looking to earn fan tokens.
The progress of the project follows its course
On Tuesday, May 17, Chiliz revealed the launch of Jalapeno, the second phase of its testnet called “Scoville”. This is part of the platform’s broader transition to its mainnet, Chiliz Chain 2.0, planned for the end of 2022.
Among the major new features to be tested in Phase 2, we first note the launch of PepperSwap, which will be the first decentralized exchange in the ecosystem. Also, this is undoubtedly the reason for the craze, namely the possibility of holding Fan Tokens to participate in polls and club governance votes.
The chiliz cryptocurrency is ranked 68th in the Coinmarketcap ranking, which ranks cryptocurrencies based on their size. To date, its market cap is $683 million. According to Etherscan you can view transactions on different blockchains, there are around 142,000 users holding chiliz. Alexandre Dreyfus claims to have up to 500,000 or even 1 million holders of the cryptocurrency.
Like many cryptocurrencies, the price of chiliz has fallen during the storm the ecosystem has been experiencing in recent weeks. In particular, it hit a one-month low of $0.08 on May 12 before rising to around $0.11 on Thursday. But we are far from the last peak reached on March 30, when the chiliz traded at $0.29 (-62% since) or an all-time high of $0.64 in April 2021 (-83% since then). ).
To date, Socios is a partner of more than 60 football clubs, including PSG, Juventus and Manchester City. Concretely, a Paris Saint-Germain fan can buy a “Paris Saint-Germain Fan Token” at the current price of 8 euros, giving him the right to decide on the life of the club. Concretely, to make a decision, supporters can vote on the Chiliz blockchain, and Fan Tokens are the equivalent of a vote.
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New Chiliz Announcements Drive Socios Fan Token Price Up
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