Markets News Report
January 26, 2024

Socios.com Transitions to Chiliz Chain-Powered DEX for Decentralized Sports Economy

Socios.com Transitions to Chiliz Chain-Powered DEX for Decentralized Sports Economy

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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.

More articles
Kumar Gandharv
Kumar Gandharv

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.

Hot Stories

Top 10 Crypto Games to Invest in 2024

by Gregory Pudovsky
February 27, 2024
Join Our Newsletter.
Latest News

NFTs & Mining: A Digital Synergy

The rise in usage of the non-fungible tokens has changed the way we see and engage with ...

Know More

AI in Crypto

Explore the ever-evolving realm of artificial intelligence within the cryptocurrency sphere. Discover the transformative impact of AI ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Binance Labs Invests in Babylon Protocol to Support the Advancement of Bitcoin Staking
Business News Report
Binance Labs Invests in Babylon Protocol to Support the Advancement of Bitcoin Staking
February 27, 2024
Photoroom Raises $43M Funding to Expand Generative AI Photo-Editing Model
Business News Report
Photoroom Raises $43M Funding to Expand Generative AI Photo-Editing Model
February 27, 2024
Safe Partners with Base to Promote Smart Accounts as Ethereum’s Default Ownership Standard
Markets News Report
Safe Partners with Base to Promote Smart Accounts as Ethereum’s Default Ownership Standard
February 27, 2024
Aerodrome Finance’s AERO Witnesses 127% Surge after CB Ventures’ Token Acquisition
Business News Report
Aerodrome Finance’s AERO Witnesses 127% Surge after CB Ventures’ Token Acquisition
February 27, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.