Fan Tokens Price Surges 40% On Chiliz Scoville Testnet Phase 2 News & PSG, CITY, SANTOS, BAR BitPanda Listing

2 min read

The sports industry has become a valuable outlet for people around the world to relieve their stress in these uncertain times. Sports gives fans the opportunity to mingle with their favorite players and teams to help them forget about their  worries of everyday life. In the middle of the ongoing cryptocurrency market volatility and declining prices, sports fans can celebrate as many Fan Tokens prices shot higher on May 18th, marking an increase of 40% or more.

Fan Token Prices Surge Higher

In the middle of the declining cryptocurrency market, with Bitcoin, Ethereum and most altcoins in a downward spiral, a pocket of positivity has emerged. Fan Tokens have suddenly returned, with the majority of projects in this category recording growth simultaneously. Some are even up triple digits in the last 7 days.

Fan token spikes 40% above during the week even though the market is full of red
Top Fan tokens by market capitalization. Source: CoinMarketCap

Chiliz Testnet Scoville Phase 2 goes live

The biggest impetus for the fan token price surge comes from new developments announced by Chiliz, the developers of Socios.com which is the leading fan token minting platform. The majority of fan tokens currently on the market today were launched through Chiliz, with the native token CHZ serving as the primary currency in Socios.

Fan token spikes 40% above during the week even though the market is full of red
Socios – the leading fan token issuance platform of Chiliz chain

In late March, Chiliz announced the Chiliz Chain 2.0 (CC2) Scoville public testnet Phase 1. CC2 is a Layer-1 blockchain created for the sports and entertainment industries.

On May 17th, Chiliz revealed the launch of Jalapeno, Phase 2 of the Scoville testnet, as part of the broader launch of the Chiliz mainnet.

Some of the new features that will be tested in phase 2 include the launch of PepperSwap, which will offer a decentralized exchange (DEX) and Fan token test surveys, allowing holders to start participating in surveys and vote governance on the protocol.

Finally, users will be able to interact with the Fan Token community and vote on the developments they would like to see implemented for that club through token surveys. This is one of the features and capabilities that many early investors are interested in.

Fan Tokens Listed on BitPanda

Listing on BitPanda could be another reason for Fan tokens to increase in price. According to the exchange’s Twitter, at least 7 tokens were listed on May 18th, including PSG, ATM, SANTOS, PORTO, BAR, CITY and JUV.

Chiliz Token Burning Program

Another factor driving the price of Fan tokens higher is Chiliz burning a portion of the circulating supply of Fan tokens based on the results of live matches between clubs. Chiliz’s token burning program, titled Head2Head, affects the project’s token value over time by helping to reduce the circulating supply, leading to an increase in price if demand persists.

In addition, Socios knows how to position its number one brand in the world of sports. It’s created a variety of strategies to promote a large wave of fan tokens in various regions through the partnership with 13 National Football League (NFL) teams as well as expanding the blockchain playing field to Major League Soccer (MLS).

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