After the approval and commencement of spot ETFs in the USA, transactions of Bitcoin (BTC) have slowed down, paving the way for altcoins to have their moment. The local asset CHZ of the Chiliz network, used to purchase fan tokens on Socios.com, and KLAY, the native asset of the Layer 1 Blockchain network Klaytn supported by South Korean internet giant Kakao, are particularly notable for their recent price increases.
CHZ and KLAY Prices on the Rise
According to current data, CHZ has surged over 10% in the last 24 hours, exceeding $0.11 for the first time since May, while KLAY has risen by 14.7% to $0.228. The largest cryptocurrency, Bitcoin, remained directionless during the same period, consolidating between $42,500 and $43,500.
Chiliz CEO Alexandre Dreyfus announced on January 16th via his personal Twitter account that Chiliz will follow an aggressive merger and acquisition (M&A) strategy this year to create a tremendous ecosystem by integrating existing tokens and networks with Klaytn.
Klaytn and the Web3-focused Finschia Foundation also proposed merging the two chains to create an Asian Web3 powerhouse. Finschia is the successor to the public mainnet of the LINE Blockchain network.
Merging to Create a User Base of Over 250 Million
In a statement from Klaytn regarding the proposed merger, “The proposed merger will bring together South Korea and Japan’s leading blockchains to create an ecosystem consisting of more than 420 decentralized applications. The new Blockchain network will take over the integration of Klaytn and Finschia with Kakaotalk and LINE, creating a user base of over 250 million across Asia,” it said.
Klaytn added that KLAY and Finschia’s FNSA token holders will be able to exchange their assets for a new coin following the completion of the merger, noting that the new coin will have low inflation, a burn mechanism, and a zero-reserve strategy.
