The integration will enable developers to efficiently access blockchain data, creating high-performance decentralized applications
Chiliz Chain, the leading blockchain in the sports and entertainment industry, announced the integration of The Graph, a decentralized protocol for indexing and querying blockchain data. This strategic partnership aims to empower developers with efficient access to blockchain data, as well as facilitate the creation of high-performance decentralized applications (dApps) and mark a significant milestone in fostering a robust SportFi ecosystem on Chiliz Chain.
Price evolution of Chiliz (CHZ) in recent months, highlighting the recent rally and bullish crossover of the moving averages / TradingView
The Graph: An Essential Tool for dApp Developers
The Graph functions as a crucial indexing layer for Web3 applications. It allows developers to create and publish open APIs, known as subgraphs, that can be queried using GraphQL. By supporting data indexing across multiple chains including Ethereum, NEAR, Arbitrum, Optimism, Polygon, Avalanche, and now Chiliz Chain, The Graph becomes an indispensable tool for developers looking to build powerful and scalable dApps in the sports and entertainment sector.
Benefits for Developers on Chiliz Chain
The integration of The Graph with Chiliz Chain will offer developers several key benefits, including:
Improved Data Access: Developers will be able to easily access and query Chiliz Chain blockchain data, streamlining the development process and reducing time to market.
Improved dApp Performance: The Graph’s efficient indexing capabilities will help improve the performance and scalability of dApps built on Chiliz Chain.
Increased Developer Productivity: By providing a standardized and easy-to-use way to access blockchain data, The Graph can help developers focus on building innovative applications instead of wasting time on data retrieval.
A Step Towards a More Decentralized Future in Sports and Entertainment
This development closely aligns with Chiliz’s mission to bring blockchain technology to the sports and entertainment industry, as well as supporting the vision of a more engaged and decentralized fan experience.
“Chiliz has always been committed to building a trusted and secure platform that empowers developers to realize their web3 dreams in the sports and entertainment space,” said Alexandre Dreyfus, Founder and CEO of Chiliz Group. “Collaborating with The Graph provides top-notch indexing and query support, further strengthening the foundation for development on the Chiliz Chain and enhancing our ability to serve sports teams, leagues, and fans worldwide.”
Chiliz (CHZ) Experiences Strong Rally
The price of Chiliz (CHZ) has experienced a significant rally on Wednesday, rising 11.35% to $0.0736. This strong bullish move marks a trend reversal for the sports-focused cryptocurrency, which had been in decline since June 2024. Trading volume increased fivefold, suggesting growing investor interest.
Chiliz leaves the downtrend behind
After months of declines, Chiliz seems to have found a bottom at $0.0435 and is now testing key resistance at $0.0760. This rally comes after a bullish crossover of the 25-day exponential moving average (EMA25) above the EMA50, a technical signal that often indicates a trend reversal.
Wednesday's strong bullish momentum is accompanied by a trading volume that has quintupled the average of the past 25 days. This intense activity has not been seen since last August and June, suggesting renewed investor interest in the project.
A promising future for CHZ
Despite recent struggles, CHZ continues to show strong growth over the past year, with gains of 30.09%. However, it is the rally over the past month, with a return of 41.89%, that is catching investors' attention. With a market cap of $669.89 million, Chiliz is positioned as one of the most important cryptocurrencies in the sports sector.
This rally could be due to several factors, such as the growing interest of investors in the sports and entertainment sector, the launch of new functionalities on the Chiliz platform, or simply a technical correction after a prolonged downtrend.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies carries risks significant.