Cryptocurrency sector is going through a quite stagnant period and the leading cryptocurrency Bitcoin (BTC) continues to stay below $30,000. BTC, trading at $29,300, actually increases the stagnation in the market. Meanwhile, altcoins seem to have a greater chance of rising with individual movements. Chiliz (CHZ) is definitely one of them.
Chiliz (CHZ), which dominated the entire market and reached record highs during the bullish period of 2021, played dead after this year and continued its downward-focused path. Now, the CHZ team is making change after change and trying to make the price more dynamic.
Chiliz delighted its investors with a major update. The platform announced that it will make a big change and correction in the smart contracts in the staking pools.
While making these updates, it was also stated that the validators on the network will be temporarily disabled. Users may not have access to some functions on the network during this time. Various problems may arise regarding this. The Chiliz team stated that they will touch on very critical points in the smart contract update, signaling that the network will always evolve.
The Chiliz team made a significant update in May as well. Chiliz, the first example of its kind focused on sports and entertainment, had a great success by transitioning to its main network in May. Since this transition, the Chiliz network has achieved incredible growth and hosted 1.6 billion transactions.
In addition, Chiliz already hosts over 200,000 wallet addresses, which indicates the interest in the network. In the last 24 hours, Chiliz (CHZ) has experienced a 2% decrease and dropped to $0.075. Despite these important updates, CHZ could not reflect its situation and innovations in its price. This may be frustrating for CHZ investors and may lead to reduced expectations for CHZ.