OKX and Chiliz join forces to enhance blockchain governance

Prominent web3 technology company OKX has become a new validator of Chiliz Chain, a pioneering Layer 1 EVM-compatible blockchain dedicated to the sports and entertainment sectors. The strategic partnership is intended to strengthen the governance, security and scalability of the Chiliz Chain, Chiliz shared in a recent Press release.

The Chiliz Chain operates with a Delegated Proof of Staked Authority (DPoSA) consensus mechanism, and validators play a crucial role in creating and validating blocks. According to Chiliz, to become a Chiliz Chain validator, individuals or entities will need to meet certain requirements, including staking at least 10 million CHZ, the blockchain's native currency.

OKX, with rich experience in the crypto exchange industry, is expected to enhance the capabilities of Chiliz Chain. The integration is critical for the development and execution of smart contracts and ensures a robust transaction verification process, Chiliz noted.

OKX's partnership with Chiliz has led to significant achievements, such as facilitating spot trading of the CHZ token, since March 2021, and supporting the Chiliz (CHZ) 2.0 mainnet integration in October 2023. Additionally, OKX has included several fan tokens, connecting with the sports community. on a deeper level.

Founded in 2018, Chiliz has been focused on developing a unique solution to one of the most prominent problems facing sports teams and leagues: how to scale their brands sustainably and affordably and maximize fan engagement globally.

With Chiliz Chain, Chiliz aims to provide an innovative platform for sports brands, gaming companies and fans to interact through a SportFi ecosystem, leveraging blockchain technology for fan tokens, nfts and decentralized applications, thereby improving the fan experience.

Prior to OKX, Chiliz onboarded several high-profile validators such as PSG, EDF Group, K League, Infstones, Ankr, Paribu, Meria, and Luganodes.