As Chiliz progresses with Fan token migration, the team has announced that it will be migrating more than 10 fan tokens to the Chiliz chain today. The fan tokens scheduled to be migrated today include $UCL, $UEL, $UECL, $FOR, $MFC, $UCH, $ALL, $ALA, $VCF, $PSG & $BAR.
Chiliz earlier provides detailed information containing the migration schedule, date, and the migration status of the fan tokens. This is to enable users to track the process.
According to Chiliz, the migration is split into 3 steps. These steps run from the deployment of the Fan Token smart contracts on the new chain, migration within the Socios app to the Chiliz Chain, and opening up Withdrawals and Deposits. The withdrawals and deposits of the fan tokens will then be activated on the new network.
The network has successfully migrated about 50 fan tokens from the Chiliz legacy chain to the Chiliz chain. Furthermore, the network still has more than 20 fan tokens underway for migration.
Chiliz started its migration in batches on 19/06/2023 and the migration process for the last batch will conclude on 07/08//2023 according to the schedule.
In the Chiliz ecosystem, the Chiliz Chain is a successor of the Chiliz Legacy Chain. It is an on-chain governance system compatible with EVM and supports existing Ethereum tooling. The Chiliz Chain introduces a system of 11 validators with the Proof of Staked Authority (PoSA) consensus.
Chiliz has been a strong pioneer of the fan tokens ecosystem building an infrastructure for the sports and entertainment space. The native token of the network Chiliz (CHZ) powers Socios, the Chiliz exchange for fan tokens, and the Chiliz chain.
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