Five years on from its inception, fan token platform Chiliz has launched its own layer-1 Ethereum Virtual Machine (EVM) compatible blockchain ecosystem to support its growth.

Chiliz, the crypto startup behind fan token platform Socios, today launched its new layer-1 blockchain, shifting away from the current chain running on Ethereum.

The Chiliz [CHZ] network was in the midst of a major network upgrade at press time. According to an update by founder Alexandre Dreyfus on 26 January, Chiliz 2.0 would introduce various positive changes.

According to analysts and crypto investors, 2023 is considered a better year for trading as the brunt of the 2022 crypto winter comes to a gradual halt. The NFT and digital asset market have successfully restored investor confidence. But more interestingly, traders are being seen to have more faith in the long-term security and value of their digital assets thanks to the continuously thriving technologies and innovation brought forth by the blockchain stratosphere. 

Chiliz faced rejection at the $0.1275 mark in December and continued its freefall to reach the local low at $0.097 in late December. Since then, Chiliz has gradually climbed higher. Evidence from the charts showed that some more gains can follow.

Since FTX’s <a href="http://www.smetimes.in/smetimes/news/global-business/2022/Dec/12/ftx-crypto79976.html" target="_blank">downfall</a>, the sports-themed cryptocurrency Chiliz&nbsp;has been struggling. The anticipated pump from the beginning of the 2022&nbsp;FIFA <a href="https://www.reuters.com/lifestyle/sports/fifa-world-cup-2022-quarter-finals-start-date-schedule-fixtures-predictions-2022-12-09/" target="_blank">World Cup</a> on November 21 has done little to stem the negative tide in this post-FTX timeframe.

<a href="https://ambcrypto.com/chiliz-is-chz-a-buy-the-rumor-sell-the-news-token-after-all/">Chiliz</a>‘s native cryptocurrency has been on a bearish trajectory for the last 10 days. It tanked by roughly 41% during this time, but the bears might be about to take a recess. According to a WhaleStats observation on 28 November, ETH whales were buying CHZ after the sizable discount.

Several investors tipped <a href="https://ambcrypto.com/?s=chiliz">Chiliz [CHZ]</a> to put up an excellent performance as the FIFA world cup began, owing to its popularity as a blockchain-based sports project. However, that has not been the case, as CHZ shredded 29.09% in the last seven days.

The World Cup just kicked off and the native token of the sports-themed cryptocurrency ecosystem, Chiliz, has dropped 15% in value over the past 24 hours.

CHZ continues to lead the market in gains as more anticipation builds toward the World Cup. The go-to fan token was seen keeping an intraday profit of 7.37%. It reached a local high of $0.246 during the day before retracting to its current price of $0.242. Despite falling below its trading-day floor, it quickly bounced back, leaving traders with substantial profits.