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 Poderskytฤ— 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 itโ€™s owned by the Qatari state since 2012.

Sponsored

PSG has now become the first European football club to become an official node validator on the blockchain. According to the official announcement, PSGโ€™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, Pรคr 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 clubโ€™s Web3 team pledged to use 100% of the accrued profits from node validator activity to buy back the Chiliz-based $PSG token.

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%.

PSGโ€™s Web3 goals are set per the changes in Chilizโ€™s on-chain tokenomics. Chiliz 2.0 brings a brand new transaction fee protocol scheme via the EIP-1599 protocol, targeted at burning the โ€œvast majority of transaction fees,โ€ 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. โ€œWe’re actively designing it so that we can have a more direct relationship with our fans through Web3 experiences,โ€ 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.

Explore DailyCoinโ€™s top crypto news:
BlackRock Pushes New Bitcoin ETF Ad as Accumulation Tops $6B
Ripple vs. SEC Case Is in the Endgame: These Are the Key Dates

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaลกevskis is a DailyCoin Journalist, covering memecoins & latest developments. Tadas has moderate holdings in SHIB, HBAR, LTC, MATIC and a selection of low-cap meme currencies.

Read more