Au Revoir Ethereum, Chiliz [CHZ] has relied enough on you

ambcrypto.com:

Many cryptocurrencies, on multiple occasions, have followed Bitcoin [BTC] where price plunges are concerned. It was almost the same between 17 August and 18 August when the latest capitulation happened as BTC fell from $24,000.

Chiliz [CHZ], the social engagement fan token, did accompany Bitcoin in the fall.

However, the current situation appears to be a conflict of interest. At press time, BTC, like many others, was mainly in the red and some greens.

For CHZ, it was a different story. The open-source blockchain infrastructure crypto was riding an unmatched 16.46% uptick as per CoinMarketCap.

Source: CoinMarketCap

This was the case over the last 24 hours as the coin price hit $0.2196. Similarly, CHZ gained 17.82% against BTC and 17.58% over Ethereum [ETH]. But what has been responsible for the rally?

Interestingly, there seems to have been grounds that activated the CHZ rally. This is because CHZ  founder, Alexandre Dreyfus, announced that a CHZ 2.0  was in the works. According to him, the CHZ 2.0 will produce a CHZ-20 ownership standard for its investors. 

— Alexandre Dreyfus (@alex_dreyfus) August 22, 2022

Dreyfus also added that the development of the fungible token might lead to a complete exit from its dependence on Ethereum.

CHZ had relied on the ERC-20 chain for its fungible token transactions and ERC-721 for its non-fungible ones.

This potential development is not only based on an “owned protocol” but also intended to