ChilizX announces support for the mainnet launch

ChilizX has announced that it will support the launch of Chiliz Mainnet. Following the development, users will be able to see an additional method for depot and withdrawal for CHZ tokens. Per the announcement, users can deposit and withdraw the said token from May 10, 2023, at 10:00 CEST.

Users are recommended to check the addresses before executing the transaction. The team Chiliz will be unable to assist in recovering the funds after they have been transferred. Chilizens, as referred to by the community in the announcement, can raise tickets for questions or other assistance.

Chiliz Blockchain has been created in partnership with ANKR, underlining the qualities that differentiate it from others in the market. Specifically, its focus on development and operational structure set it aside in every possible way. The idea is to meet the rising demands of IP rights holders, particularly in sports and entertainment.

The blockchain infrastructure of the L1 protocol curates the participation of developers at the level of governance. This is majorly based on how relevant they want to stay with the ecosystem and if there is going to be a blow to the reputation.

Rolling out the second iteration of the blockchain comes with the goal of creating an ecosystem that is open, allowing whitelisted third-party developers to build utilities of the fan tokens which are external to the community. Needless to say, this comes with the potential of expanding the utility of the fan token way beyond the community.

Organizations in entertainment and sports will be encouraged to participate in governance through an open network of validators and delegators. Moreover, they will be able to collect rewards from the blockchain ecosystem.

The L1 EVM-compatible blockchain will largely leverage the built-in reach of the ecosystem, featuring more than 1.8 million user wallets. However, it must be noted that only developers whose interests align with the Chiliz Blockchain native asset class are highly likely to capitalize on the opportunities.

The year 2023 has been outlined with a roadmap consisting of a lot of developments. The support for the mainnet launch can, in a way, be said to just be beginning.

What follows is the implementation of chain staking utility for the holders of the native token, support for a wrapped stablecoin, bug bounty program, and bridging multi-chain digital assets. Additionally, the community could see extended support through integration with wallets, exchanges, and marketplaces for non-fungible tokens.

CHZ finding a space in the development has the capability to boost the price in the days to come. Chiliz forecast estimates the price to touch the mark of $0.26 by the end of 2023. A more practical estimate could be $0.11 for the same year. Assuming all the factors align favorably, CHZ will go on to reach $0.34 by the end of 2024.

CHZ holders and other community members can get started with deposits and withdrawals effective May 10, 2023, at 10:00 CEST.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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