Socios.com switches to Chiliz chain-based DEX for decentralized sports economy
Posted: January 26, 2024 12:15 PM Updated: January 26, 2024 12:15 PM
Correction and fact check date: January 26, 2024, 12:15 p.m.
briefly
Socios.com has launched a new app and is replacing ChilizX with a Chiliz Chain-based DEX to increase trading efficiency.
Web3 platform Socios.com has launched a new app and is currently focused on integrating its 2.2 million users into a non-custodial wallet, transitioning to a Web3 wallet tailored for the sports and entertainment industry.
“This important step will transform Web3 into a wallet specifically tailored for the sports and entertainment industry. As a result, this integration will eventually make it possible to connect http://Socios.com directly to DEXs (decentralized exchanges),” Alexandre Dreyfus, CEO of Socios.com, told PlatformX.
By summer, the platform plans to replace ChilizX with a Chiliz Chain-based DEX to increase trading efficiency and introduce a DeFi layer. The move will discontinue ChilizX and create opportunities for developers, with more details expected to emerge in the coming months.
According to the company, the Chiliz Chain-based DEX was created by a third party in Korea.
The retirement of ChilizX opens a new chapter for Socios.com by embracing a decentralized infrastructure that aligns with its vision of empowering fans and driving community engagement. This move aims to optimize the transaction efficiency of CHZ and Fan Tokens while introducing a DeFi layer that will lay the foundation for the emergence of SportFi as a separate category within the blockchain ecosystem.
Additionally, this development presents an exciting opportunity for developers to leverage the liquidity of DEX and Socios.com’s Web3 wallet to further enrich the platform’s ecosystem with innovative features and functionality.
Although users do not need to take any immediate action, Socios.com is confident that both platforms will continue to operate for the time being. Detailed updates and announcements regarding the Socios.com Web3 wallet and new DEX launch will be released in the coming months, giving users and stakeholders alike a glimpse into the platform’s transformational journey ahead.
Chiliz’s token powers Socios.com, a fan engagement and rewards app where Fan Tokens are available. The company launched the public mainnet of its layer-1 blockchain, Chiliz Chain, in May 2023. Fan Tokens serve as fungible digital assets, giving holders access to exclusive experiences or rewards.
Premier League club Tottenham Hotspur recently made waves in the cryptocurrency world with the announcement of a partnership with Socios.com. As part of the collaboration, Spurs will introduce $SPURS, an exclusive fan token, on the Chiliz blockchain.
Designed for fans aged 18 and over, these tokens offer special benefits to season ticket holders and One Hotspur+ members. Starting October 4th, these unique tokens will be distributed, and members of the mentioned communities will receive 5 SPURS tokens for free.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.
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Kumar is an experienced technology journalist specializing in the dynamic intersection of emerging fields including AI/ML, marketing technology, cryptocurrency, blockchain, and NFTs. With over three years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and providing comprehensive insights. Kumar’s expertise lies in producing impactful content, including articles, reports and research publications for prominent industry platforms. With a unique skill at combining technical knowledge and storytelling, Kumar excels at communicating complex technical concepts in a clear and engaging way to diverse audiences.