Au Revoir Ethereum, Chiliz [CHZ] has relied enough on you
Many cryptocurrencies, on multiple occasions, have followed Bitcoin [BTC] where price plunges are concerned. It was almost the same between 17 August and 18 August when the latest capitulation happened as BTC fell from $24,000.
Chiliz [CHZ], the social engagement fan token, did accompany Bitcoin in the fall.
However, the current situation appears to be a conflict of interest. At press time, BTC, like many others, was mainly in the red and some greens.
For CHZ, it was a different story. The open-source blockchain infrastructure crypto was riding an unmatched 16.46% uptick as per CoinMarketCap.
Source: CoinMarketCap
This was the case over the last 24 hours as the coin price hit $0.2196. Similarly, CHZ gained 17.82% against BTC and 17.58% over Ethereum [ETH]. But what has been responsible for the rally?
Interestingly, there seems to have been grounds that activated the CHZ rally. This is because CHZ founder, Alexandre Dreyfus, announced that a CHZ 2.0 was in the works. According to him, the CHZ 2.0 will produce a CHZ-20 ownership standard for its investors.
<p lang=«en» dir=«ltr» xml:lang=«en»>We don't have to rely forever only on ERC20 or ERC721 equivalent. At @chiliz we think we can bring some innovation on top of fungible tokens formats. As we work with 100+ of the biggest brands in the world, its easier to deploy and scale. $CHZ https://t.co/iRsShRQjAa— Alexandre Dreyfus (@alex_dreyfus) August 22, 2022
Dreyfus also added that the development of the fungible token might lead to a complete exit from its dependence on Ethereum.
CHZ had relied on the ERC-20 chain for its fungible token transactions and ERC-721 for its non-fungible ones.
This potential development is not only based on an “owned protocol” but also intended to
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