Socios.com Transitions to Chiliz Chain-Powered DEX for Decentralized Sports Economy
In Brief
Socios.com launched its new app and is replacing ChilizX with a Chiliz Chain powered DEX to enhance trading efficiency.
Web3 platform Socios.com launched its new app and is now focusing on integrating 2.2 million users into non-custodial wallets, transforming it into a Web3 wallet tailored for the sports and entertainment industry.
“This significant step will transform it into a Web3 wallet specifically tailored for the sports and entertainment industry. Consequently, this integration will eventually enable a direct connection of http://Socios.com to a DEX (Decentralized Exchange),” Alexandre Dreyfus, CEO of Socios.com said on the platform X.
By summer, the platform plans to replace ChilizX with a Chiliz Chain-powered DEX, enhancing trading efficiency and introducing a DeFi layer. This move will discontinue ChilizX and create opportunities for developers, with further details expected in the coming months.
According to the company, the Chiliz Chain-powered DEX is created by a third party from South Korea.
The discontinuation of ChilizX holds a new chapter for Socios.com, as it embraces a decentralized infrastructure that aligns with its vision of empowering fans and fostering community engagement. This move aims to optimize trading efficiency for CHZ and Fan Tokens, while also introducing a DeFi layer that will lay the groundwork for the emergence of SportFi as a distinct category within the blockchain ecosystem.
In addition, this development presents exciting opportunities for developers to leverage DEX’s liquidity and Socios.com’s Web3 wallet, further enriching the platform’s ecosystem with innovative features and functionalities.
While no immediate action is required from users, Socios.com assures that both platforms will continue to operate in the interim. Detailed updates and announcements regarding the launch of the Socios.com Web3 wallet and the new DEX are expected to be released in the coming months, offering users and stakeholders alike a glimpse into the platform’s transformative journey ahead.
Socios.com’s Track Record in Unlocking Fan Experiences
Chiliz’s token powers Socios.com — a fan engagement and rewards app on which fan tokens are offered. The firm launched the public mainnet of its layer-1 blockchain, Chiliz Chain, in May 2023. Fan tokens serve as a fungible digital asset, giving holders access to exclusive experiences or rewards.
Tottenham Hotspur, a Premier League club made waves in the crypto world with its recent partnership announcement with Socios.com. As part of the collaboration, Spurs will introduced their exclusive fan token, $SPURS on the Chiliz blockchain.
Designed for fans aged 18 and above, these tokens will serve as a special benefit for season ticket holders and One Hotspur+ members. Commencing on October 4, these unique tokens will be distributed, with members of the mentioned communities set to receive five SPURS tokens for free.
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About The Author
Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
