In a stride toward the future of Fan Tokens, Bitso is excited to announce an essential upgrade to our platform’s infrastructure. As part of our commitment to providing the most advanced and secure blockchain technology to our users, we are transitioning our Fan Tokens, including TIGRES, BAR, and PSG from the Chiliz Legacy Chain (previously known as Chiliz Chain 1.0) to its newly layer-1 native blockchain Chiliz Chain (previously known as Chiliz Chain 2.0).
Transition Schedule
To facilitate a smooth transition, Bitso will temporarily pause deposits, withdrawals, and trading of the Fan Tokens mentioned above. The services will be paused from April 17th until April 30th and are expected to resume shortly after once the transition has been successfully completed. This temporary pause is a necessary step to ensure a secure and seamless upgrade to the Chiliz Chain. At the same time, we will protect our users by preventing them from transferring funds to/from an inaccurate network.
Why Chiliz Chain?
Chiliz Chain represents a significant leap forward in blockchain technology, tailored specifically for the evolving needs of the sports and entertainment sectors. This upgrade offers numerous advantages over the legacy chain:
- Enhanced Scalability: Designed to handle a higher transaction throughput, ensuring faster and more efficient transactions for users.
- Increased Flexibility for Developers: With an environment conducive to DeFi applications, NFTs, and a broader range of decentralized applications, the Chiliz Chain opens new avenues for developers to innovate while still being an EVM-compatible chain.
- Rich Ecosystem: The new chain fosters a comprehensive ecosystem, aiming to support a more extensive range of functionalities and services tailored to the Chiliz community.
What This Means for You
As a Bitso user, this transition to Chiliz Chain means:
- Access to a Superior Blockchain Platform: Leveraging the advanced features and improved performance of Chiliz Chain, providing a more seamless and efficient experience.
- Future-Proofing Your Tokens: Being part of a blockchain that is more adaptable to the future needs of the digital and entertainment sectors.
- Enhanced Security and Functionality: Enjoying the benefits of a blockchain designed with the latest security features and functionalities in mind.
Besides, with CHZ as the native token, transaction fees (“gas fees”) on the Chiliz Chain will now be paid in CHZ. This is analogous to how transactions on the Ethereum network require ETH. The shift to Chiliz Chain’s token for transaction fees represents a significant move towards a more self-sustaining ecosystem.
This means that CHZ can now be used to:
- Pay gas to deploy or invoke smart contracts,
- Perform cross-chain operations, such as transfer token assets across Chiliz Chain and Ethereum,
- Secure the network by staking or delegating it.
Our Commitment
Bitso is dedicated to ensuring that this transition is as smooth and the communication is as straightforward as possible for our valued users. We understand the importance of keeping our community informed and supported throughout this process. Should you have any questions or need assistance, our customer support team is here to help.
Looking Ahead
The transition to Chiliz Chain marks a significant milestone in our journey towards offering the most innovative and user-friendly blockchain solutions to our users. We are excited about the possibilities this upgrade opens for our platform and the broader ecosystem of Fan Tokens.
Disclosure
This blog post is for informational purposes only and should not be taken as financial advice. Bitso encourages all users to conduct their own research and exercise responsibility when trading Fan Tokens or engaging in any form of cryptocurrency transactions. Our priority is to offer a platform that aligns with the latest technological advancements while ensuring the safety and satisfaction of our community.
Together, let’s step into the future of blockchain with the Chiliz Chain and continue to revolutionize the way we interact with our favorite sports and entertainment tokens. Thank you for your continued support and understanding as we make this exciting transition.
