Chiliz blockchain public release in 6 weeks – will a CHZ rally follow?

Key Takeaways:

• Chiliz will release its layer-1 blockchain to the public on May 10.
• The platform’s CEO says attracting developers to Chiliz is paramount.
• CHZ is unlikely to rally by May.

YEREVAN (CoinChapter.com) – On March 28, sports-centric crypto project Chiliz announced the public release of its blockchain, expected on May 10. Thus, developers and projects will be able to start building on the Chiliz layer-one, launched on Feb 8, 2023.

Chiliz layer-1 goes public on May 10

The project’s chief executive Alexandre Dreyfus has previously noted the importance of attracting developers to Chilliz. “We have to onboard developers and companies because we already have more than 2 million users and 100 sports brands,” he said.

42 is the answer to everything (as per “The Hitchhiker’s Guide to the Galaxy”). It is also the number of days before the official Chiliz launch of the main net. The 10th of May is now the date set in our calendars and hopefully in yours.

commented the CEO in the latest tweet.

Notably, the open blockchain serves Chiliz’s ultimate goal is to create an “ecosystem with fans of different sports teams and disciplines,” said Dreyfus. “We hope that in the future, most of the validators will be the sports teams themselves,” he added.

Also read: CFTC Suit Can Destroy Binance, One of the Last Crypto Exchanges Standing Astound.

Additionally, as active development on the blockchain “requires funding,” the sports platform launched a $50 million incubator fund named Chiliz Labs on March 1.

Backed by Jump Crypto, Chiliz Labs will foster viable and innovative early-stage blockchain projects looking to leverage the new Chiliz blockchain for sports and entertainment, which saw its genesis block validated on 8 February.

read the announcement.

Will the CHZ token jump ahead of the public blockchain release?

Being a sport-related platform, Chiliz’s token is responsive to events in the entertainment industry. CHZ bulls pumped the CHZ/USD exchange rate over 80% 10 days ahead of the FIFA World Cup in Nov-Dec 2023.

Additionally, the token did not respond to the Chiliz blockchain launch on Feb 8 with a lasting uptrend either. Instead, CHZ holders similarly pumped the token 30% 24 hours before the blockchain release, then dumped the token at a higher price the next day.

On March 28, the CHZ token switched hands at $0.11 ahead of the European session.

Notably, a month into the Chiliz blockchain launch, by March 10, CHZ lost 44% of its value, bottoming out at a significant support line. Since then, the digital asset has gained 15% and consolidated sideways for the previous two weeks.

Moreover, despite the public release announcement, the CHZ coin did not see higher trading volumes, which does not suggest an upcoming rally. However, Chiliz bulls could still pump the coin ahead of the major event, then dump at a higher value.

Also read: Arbitrum Token ARB Could Rise 30% by April as Locked Capital Nears Record High.