OKX and Chiliz Chain collaborate to strengthen sports token integration

The collaboration will lead to spot trading for $CHZ tokens on OKX exchange and support for $CHZ 2.0 mainnet integration

Cryptocurrency exchange OKX has partnered with Chiliz Chain, the leading EVM-based blockchain renowned for its focus on sports and entertainment. This collaboration aims to enhance the governance, security, and scalability of the Chiliz Chain by introducing OKX as a new validator.

Chiliz Chain operates on a Delegated Proof of Staked Authority (DPoSA) consensus mechanism, where validators play a pivotal role in block creation and validation. To qualify as a validator on the Chiliz Chain, entities are required to stake a minimum of 10 million $CHZ tokens, the native coin of the blockchain.

With its extensive experience in the cryptocurrency exchange industry, OKX is expected to contribute significantly to the development and execution of smart contracts on the Chiliz Chain. This partnership is crucial for advancing block validity and ensuring robust transaction verification processes.

The collaboration has already yielded positive outcomes, including the introduction of spot trading for $CHZ tokens on the OKX exchange and support for the Chiliz ($CHZ) 2.0 mainnet integration.

Furthermore, OKX has expanded its engagement with the sports community by listing various fan tokens, fostering deeper connections between sports enthusiasts and their favorite teams.

Chiliz, established in 2018, has been dedicated to addressing the challenge of scaling sports brands and enhancing global fan engagement through blockchain technology.

The Chiliz Chain serves as a platform for sports brands, gaming companies, and fans to interact within the SportFi ecosystem, utilizing features such as fan tokens, NFTs, and decentralized applications (dapps) to enrich the fan experience.

OKX joins a roster of esteemed validators on the Chiliz Chain, including soccer club Paris Saint-Germain, EDF Group, K League, Infstones, Ankr, Paribu, Meria, and Luganodes.

In February, Paris Saint-Germain became the first sports team to join the Chiliz Chain validator network, symbolizing a significant step in the integration of web3 technology in sports.

As a validator, the football club plans to reinvest all revenue earned into purchasing $PSG tokens, aiming to create a self-sustaining digital economy within its fan community. This move reflected a broader trend of sports organizations embracing blockchain technology to enhance fan engagement and foster a sense of identity among supporters.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

Similar News