Chiliz Price

What Is Chiliz?

Since it was founded in 2016, Chiliz has been the leading digital network in the world of sports and entertainment. Socios.com, a sports fan engagement platform, is built on top of Chiliz’s infrastructure. CHZ, its native currency, can be used to buy fan tokens from some of the most popular sports teams in the world. Chiliz’s goal is to make the use of tokens a norm — not an exception — in the sports industry.

What Is CHZ Used For?

The workings of the Chiliz blockchain revolve around the CHZ token. Utilizing both ERC-20 and BEP-20 standards, CHZ exists on the Ethereum blockchain and the Binance Smart Chain (BSC) simultaneously.

CHZ’s function is to make it easier for sports fans to engage with their favorite teams. Once a sports fan has CHZ tokens, they can purchase branded fan tokens of such teams as Paris Saint-Germain, Manchester City and A.C. Milan on Socios.com, a Chiliz-based platform.

Chiliz Price and Tokenomics

Launched in 2018 as a private token offering, the circulating supply of the project has risen steadily since then.

CHZ’s current circulating supply stands at 6 billion tokens, which is about 70 percent of its total supply of 8.88 billion tokens. As of August 25, 2022, CHZ’s price is approximately $0.24, and it has a 24-hour trading volume of $600.92 million. The project has a fully diluted market cap of nearly $2.2 billion.

At its presale and sale funding rounds, CHZ was distributed as follows:

58%: Operational Expenses

20%: User Acquisition

10%: Corporate Structuring

7%: Ecosystem Support

5%: Security and Legal Purposes

Who Is the Founder of Chiliz?

Chiliz was founded by its CEO, Alexander Dreyfus, in Malta. Dreyfus, a skilled entrepreneur, had previously set up businesses in the entertainment industry, among others.

Noteworthily, Chiliz (Socios.com) has partnered directly with teams from the NBA and Team Vitality, one of Europe’s leading esports teams. Dr DisRespect, who’s well-known in the gaming industry, has also supported Chiliz.

Chiliz's private token sale in 2018 raised over $66 million. Seed investors who participated in this token sale include Binance, OK Blockchain Capital, Ceyuan Ventures and FBG Capital.

How Does Chiliz (CHZ) Work?

From soccer to Formula One® (F1™), dozens of sports organizations and teams around the world have held fan token offerings for their loyal supporters.

These teams and organizations customize their fan token’s price, supplies and distribution. The tokens also grant holders access to a host of exclusive rewards and features.

Native Mode of Exchange

Because the CHZ token is the primary mode of exchange on the Chiliz blockchain, it’s valuable. Fans cannot acquire their favorite team's tokens without first getting their hands on CHZ tokens.

Purchase of Fan Tokens

Fan tokens permit you to access or attend events, e.g., exclusive meet-and-greet sessions, and vote on the decisions and directions that affect each team.

Depending on a sports team’s performance, fan tokens also can be burned and removed from circulation. For example, if a team consistently wins matches, their fan tokens will become scarcer and increase in value.

Chiliz blockchain has a sidechain called the Socios sidechain. The Socios.com platform exists on this sidechain, and enables users to freely interact with their favorite teams.

This sidechain is secured by a proof of authority (PoA) consensus mechanism, through which the fan tokens are created and verified. While PoA isn’t considered the most decentralized of mechanisms, major blockchain networks that are vying for higher scalability and greater efficiency often use it. Two examples are VeChain and the Energy Web Chain.

What Makes Chiliz Unique?

Clear Focus & Technological Orientation

Chiliz developers view blockchain as an enabling technology, and have cleverly designed their business strategy around fan tokens. They also intend to harness its power via fan communities.

Backed by Major Industry Players

While managing to fight off volatility, the Chiliz project has attracted both big and small investors because of how dedicated the team is toward its goal.

Limited Supply

Some digital assets in the crypto space have unlimited supplies. Chiliz, however, has a fixed total supply of 8.8 billion CHZ tokens. With increased demand from the industries of sports and entertainment, this total supply will decrease over time, pushing the CHZ price and its market cap higher.

Partnerships

Chiliz has entered into a strategic partnership with the decentralized oracle network Chainlink. Through this partnership, Chiliz will be able to create NFTs for commemorative events in sports and entertainment in real time (e.g., player milestones and championship wins).

How to Store CHZ Tokens

You can store CHZ tokens on any Ethereum or BSC-compatible wallet. CHZ token holders can also store them in hardware wallets (e.g., Ledger, Trezor and KeepKey), which come with an extra level of security compared to web wallets.

Where to Buy CHZ

You can buy CHZ from top crypto exchanges including Bybit.

How to Buy CHZ on Bybit

To purchase CHZ on the Bybit exchange, follow these simple steps:

Head to Bybit’s spot trading page (Home → Trade → Spot Trading).

Select your trading pair on the left side of the page. You can trade CHZ with USDT (CHZ/USDT).

Choose the type of order you’d like: Limit Order, Market Order or Conditional Order.

For Limit Orders:

1. Select Limit.
2. Enter the order price.
3. Enter the number of CHZ you wish to buy.
4. Click on Buy CHZ.
5. Once you’ve confirmed your information is correct, click on Buy CHZ.
6. View your order details under Active on the web page, or Orders if you’re using the Bybit app.

For Market Orders:

1. Select Market.
2. Enter the amount of USDT you’ve paid to buy CHZ.
3. Click on Buy CHZ.
4. Once you’ve confirmed your information is correct, click on Buy CHZ.
5. View your order details under Filled.

For Conditional Orders:

1. Select Conditional.
2. Enter the trigger price.
3. Choose to execute at Market Price or Limit Price.
   1. Market Price: Order price doesn’t need to be set.
   2. Limit Price: Order price needs to be set.
4. According to order types:
   1. Market Buy: Enter the amount in USDT you’ve paid to buy CHZ.
   2. Limit Buy: Enter the number of CHZ you want to buy.
5. Click on Buy CHZ.
6. Once you’ve confirmed your information is correct, click on Buy CHZ.
7. View your order details under Conditional on the web page, or All Orders → Current Orders on the Bybit app.

For more help, visit the Bybit spot trading guide.