Chiliz (CHZ) price rallies after launching new DEX for its users

As the crypto market slowly recovers from last week’s plunge, Chiliz (CHZ) token has today rallied by over 8% becoming one of the top gainers in the crypto market today while the overall crypto market value dropped by about 1.8% over the past 24 hours.

At the time of writing, Chiliz (CHZ) was trading at $0.1289 up 8.79% after retracing from a daily high of $0.1403.

CHZ chain 2.0 new DEX for fan tokens

CHZ, Chiliz blockchain native token, which helps sports teams in launching their fan tokens has disassociated from the ongoing market sentiments, with its recent rally helping it to cover the past week’s loss. 

Chiliz CEO, Alexandre Dreyfus, noted that CHZ chain 2.0 will be launching the first Decentralized crypto exchange (DEX) for their fan tokens. With this move, the liquidity of the token is expected to increase but also the new DEX will come with certain capabilities that will enable third-party developers to develop new features.

Fans who invest in the fan tokens will earn the power to interact with other clubs, however, this has not yet made much impact in the market as some fan token holders are complaining that the perks are not worth it.

Even though the CHZ token is still down by more than 38% in the past month as a result of the recent market crash, it has stood its ground by maintaining its rank in the 65 positions among the biggest cryptos in the market.