• Chiliz has hit an impressive milestone since the launch of the Chiliz Chain mainnet.
• With the recorded positivity, CHZ still has a significant price drawdown.

The recently launched Chiliz (CHZ) Chain has gained significant traction in such a short time. A Twitter announcement from the protocol confirmed that the chain has just hit a milestone by exceeding 100,000 wallet addresses and 500,000 transactions.

Markedly, this is barely two months after the CHZ Chain mainnet went live. Per the announcement, the Chiliz Chain 2.0 Genesis First Block was produced at the beginning of February while the public launch was completed three months after in May.

Chiliz Chain is a Layer-1 first-of-its-kind blockchain infrastructure designed for the entertainment and sports industry. It is an EVM-compatible, Proof-of-Stake Authority (PoSA) blockchain that is focused on providing infrastructure to sports brands and teams to launch Web 3.0 products and facilitate community engagement and interaction. It is regarded as a pivotal phase in the Chiliz project roadmap.

Noteworthy, the surge in wallet addresses and transaction count are not the only interesting events going on with Chiliz in the United States. Chiliz and Socios Chief Executive Officer (CEO) Alexandre Dreyfus also declared that Chiliz has finally completed registration and received approval for its “Fan Token” trademark in America. This implies that Chiliz now has the sole right to the Fan token and this would likely be instrumental to the token adoption.

Also, Ankr, a key infrastructure provider for the BNB Chain ecosystem inked a partnership with Chiliz in June. Ankr was chosen by Chiliz to become its main Remote Procedure Call (RPC) provider.

Chiliz Price Stays Down Amid Milestones

All of these developments are an indication that the Chiliz network has been growing but at the same time, its address activity has not performed so well. A close assessment of this metric shows that the Chiliz network has a long way to go.

There has been an increase in the number of active addresses within the last two months. Specifically in the second week of June, there was a massive growth in active addresses and while this is applaudable, compared with other months, it is not a significant growth.

Similarly, Chiliz’s price has not been as positively triggered by these developments as was expected. The token has seen slow movement since its mid-June rebound and this has been accompanied by a mild volatility. Again in July, CHZ made a bullish attempt to break some dominant resistance but sadly, it met some resistance after interacting with the 50-day moving average.

At the time of this writing, CHZ was trading at $0.08001 having gained 1.26 percent in the last 24 hours.

In May, when the craze for memecoins hit the roof, Chiliz suffered reasonably. It maintained an over 89 percent slump from its all-time high price value. For a token that gathered up to 3000 percent within one month in its early days, the price plunge came as a surprise to many investors. Looking at the last six months of 2023, Chiliz could be said to have underperformed compared to other altcoins.