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Chiliz Chain 2.0: When does EVM-compatible BSC fork chain launch?

By Alara Jordan

12:19, 29 November 2022

CHZ digital token
Chiliz’s platform collaborates with sporting organisations to design and mint tokens for their fans to buy, collect and trade – Photo: Shutterstock

Chiliz (CHZ), the blockchain technology and cryptocurrency created for the sport and entertainment industry, is due to launch its Chiliz Chain 2.0 in a few weeks’ time, according to its chief executive, Alexandre Dreyfus.

CHZ has gathered significant momentum over the last few weeks as sports fan tokens rallied in preparation for the FIFA World Cup 2022.

Chiliz’s platform collaborates with sporting organisations to design and mint tokens for their fans to buy, collect and trade from cryptocurrency platform Socios.com.

The price of CHZ witnessed a positive rally at the start of November before declining with the rest of the cryptocurrency market on 9 November as a result of the fallout and bankrupty of FTX.

At the time of writing, CHZ is trading at $0.16, with a market cap of $997m, according to data from CoinMarketCap.

BSC fork chain launch: coming soon

While the Chiliz Scoville Testnet was the first milestone towards building the CHZ Web 3.0 ecosystem, the highly anticipated upgrade to the Chiliz Chain 2.0 has been due to go live in Q4 2022, and will see the platform upgraded using EVM technology with full Ethereum compatibility and low network fees.

XLM/USD

0.57 Price
+15.610% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.00216

XRP/USD

1.44 Price
-2.950% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

DOGE/USD

0.43 Price
-0.440% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

ETH/USD

3,402.79 Price
-0.100% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

An announcement on Socios.com outlined that in addition to the Chiliz Chain 2.0 upgrade, the platform is also looking to launch an accelerator program for companies that are actively building web3 applications.

The announcement says: “This will help us identify and fund on-chain content that will make CC2 a household name in the sports, entertainment and Web 3.0 ecosystem.”

Chiliz chief executive Alexandre Dreyfus said that there was a lot of excitement around the upcoming Chiliz Chain 2.0. “$CHZ will move from being a token to a network,” Dreyfus said, with more sports properties and mainstream brands confirmed to join the CHZ ecosystem. 

The Chiliz developer guide highlights that the main objective of the 2.0 mainnet will see the platform create a Web 3.0 ecosystem where stakeholders are able to build Web 3.0 experiences within a “secure network-effect-driven community.” Users will also be able to access global brands and leverage existing partners of the sports and entertainment industry.

While a specific date has not been set, the upcoming launch could be confirmed in the next few weeks. 

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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