PSG Joins Chiliz Network as Validator to Buy Back Fan Tokens

Paris Saint-Germain lines up their Web3 goals as the top European football club becomes a network node validator.

Paris Saint-Germain F.C. Players representing Chiliz.
Created by Kornelija Poderskytė from DailyCoin
  • Paris Saint-Germain becomes the first club to operate a validator node.
  • PSG sports fan token scored 6.9% gains following the announcement.
  • Chiliz 2.0 released a new tokenomics structure with a CHZ burn module.

Chiliz, the sports-focused blockchain, has teamed up with Paris Saint-Germain (PSG) to make history among sports and crypto fans. The Parisian football club is one of the wealthiest around the globe, as it’s owned by the Qatari state since 2012.

PSG has now become the first European football club to become an official node validator on the blockchain. According to the official announcement, PSG’s deed as a Chiliz network validator will help authorize new smart contracts and validate ongoing transactions.

This marks the first-ever instance where a European football club goes beyond mere token issuance and indulges itself in active participation in the blockchain network. Aside from this, PSG is also the inaugural soccer club with a dedicated Head of Web3, Pär Helgosson.

PSG Mulls Buying Back Crypto Fan Tokens

As a part of their Web3 campaign, PSG untangled plans to buy back the club’s native tokens periodically. Indeed, the club’s Web3 team pledged to use 100% of the accrued profits from node validator activity to buy back the Chiliz-based $PSG token.

Sponsored

By doing so, PSG aims to reinvest back into the supply for a self-sustainable tokenomics approach. Currently, the sports token-powering Chiliz (CHZ) blockchain takes 20% of the network transaction fees, while delegators and validators receive 80%.

Sponsored

PSG’s Web3 goals are set per the changes in Chiliz’s on-chain tokenomics. Chiliz 2.0 brings a brand new transaction fee protocol scheme via the EIP-1599 protocol, targeted at burning the “vast majority of transaction fees,” according to Chiliz founder Alexandre Dreyfus.

PSG is set to host the inaugural Chiliz hackathon at Parc Des Princes stadium in the Summer of 2024. This event will gather the brightest minds of technology in the 48,583-strong soccer venue in Paris. Aiming to build a tech-savvy fan community, PSG is also striving for a direct connection with fans. “We’re actively designing it so that we can have a more direct relationship with our fans through Web3 experiences,” remarked Helgosson.

On the Flipside

  • Chiliz’s (CHZ) price is still 85.3% down from its all-time high set on March 13, 2021, at $0.8786, according to CoinGecko.

Why This Matters

CHZ has already seen over 50 successful soccer-related crypto projects launched on their chain. With over $1 billion in market capitalization, Chiliz is currently the indisputable sports fan token niche leader.

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Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.