Chill Guy is a viral meme illustration that took social media by storm before a crypto project used the meme to launch a Solana-based token. Learn more here.

What started as a simple illustration of a laid-back dog has become a global meme sensation, with the cartoon character known as Chill Guy dominating both social media trends and cryptocurrency markets. Created by artist Phillip Banks in October 2023, the easygoing canine character sparked a viral movement that has attracted major brands worldwide.

This article follows Chill Guy’s transformation from a social media sensation to a cryptocurrency asset. We'll examine its viral beginnings, community growth, market impact and what potential investors can expect from CHILLGUY in the future.

 is a viral meme illustration by artist Phillip Banks, depicting a laid-back dog in casual clothes whose easygoing attitude took social media by storm before a crypto project used the meme to launch Just a Chill Guy as a Solana-based token.

What Does Just a Chill Guy Aim to Achieve?

The CHILLGUY meme coin aims to spread a "Why worry?" philosophy into cryptocurrency markets by embracing the laid-back, stress-free attitude that made the original meme go viral. The project transforms this easygoing vibe into a community-driven token, where being low-key isn't just a catchphrase — it's a shared mindset among holders.

The CHILLGUY community brings this philosophy to life by sharing endless variations of the CHILLGUY meme across social platforms. Through market swings and viral trends, CHILLGUY keeps his iconic pose: hands in pockets, subtle smirk, perpetually relaxed.

Just a Chill Guy (CHILLGUY) operates as a Solana Program Library (SPL) token on the 

 blockchain, leveraging the network's ultrafast speeds and low costs to ensure smooth trading. The token was created using Pump.fun, a specialized platform that lets users launch Solana-based tokens without any fees, removing traditional barriers to token creation.

CHILLGUY is a community takeover (CTO), meaning it's completely owned and directed by its token holders with no central team in control. This decentralized structure ensures the project stays true to its community-driven nature, its holders collectively guiding its future while embodying the laid-back spirit of the original meme.

The CHILLGUY token launched with a maximum supply of 1 billion tokens, of which 999,965,435 are currently in circulation. This near-complete distribution of tokens to the market supports active trading and community participation.

What makes CHILLGUY's tokenomics particularly notable is its widespread distribution across more than 142,000 unique holders (as of Nov 27, 2024), achieved in just 12 days. This rapid expansion of its holder base demonstrates strong community adoption and aligns with the project's decentralized, community-driven principles.

CHILLGUY has exploded across social media, especially on TikTok, where the meme has amassed hundreds of millions of views. Its laid-back character resonates with users worldwide, inspiring countless creative adaptations.

Major brands worldwide have embraced CHILLGUY in their marketing campaigns. From Sprite Europe to NFL on CBS, the character has resonated across mainstream media, even catching the attention of global figures like El Salvador's president Nayib Bukele.

The “Chill Guy” meme’s influence spans multiple social media platforms, with a growing community of followers: 96.6K on X (

). On the other hand, the meme token itself also has a vast community, with 39.9K on X (

) and an active Telegram channel of over 15,000 members. These numbers reflect the meme's ability to engage audiences across different platforms.

The token's popularity in cryptocurrency markets matches its social media success, with CHILLGUY maintaining a substantial 24-hour trading volume of over $330.03M as of Nov 27, 2024. This high trading activity demonstrates the strong market interest in CHILLGUY beyond its meme status.

Looking to trade Just a Chill Guy tokens? Bybit now offers the CHILLGUY/USDT Spot trading pair and CHILLGUYUSDT Perpetual contract. To get started, you’ll first need to create a Bybit account, then fund it with cryptocurrency and navigate to the 

While CHILLGUY has maintained strong trading volumes and continues gaining mainstream attention through its viral social media presence, investors should carefully weigh its strengths and risk factors before making investment decisions.

With its widespread brand adoption, sustained trading activity and explosive community growth of over 142,000 holders, CHILLGUY demonstrates significant market potential. However, meme coins are inherently volatile. Potential investors should 

 and invest no more than they can afford to lose.

CHILLGUY is the latest viral sensation to harness the power of the attention economy to convert social media momentum into crypto market success. While CHILLGUY has already demonstrated its ability to capture mass appeal, its position as a leading meme token will depend upon how effectively it maintains its cultural relevance and community engagement in this fast-moving market.

Intermediate

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Just a Chill Guy (CHILLGUY): Embracing the Art of Nonchalance

Zircuit (ZRC) combines optimistic and ZK rollups with AI-driven security, offering fast, low-cost Ethereum Layer 2 solutions. 

 network has flourished, mainly due to the ongoing network congestion, high fees and poor scalability of the latter. Many of these platforms use rollup technology, whereby batches of multiple transactions processed off-chain are bundled together and posted in bulk to the underlying Layer 1. Ethereum-linked rollups mainly come in two varieties 

 (ZK). While optimistic rollups boast lower computational overhead, the ZK variety of these networks features a higher degree of security.

Zircuit (ZRC) is a Layer 2 chain that adopts a hybrid approach, combining the elements of optimistic and 

. This lets the platform offer the performance benefits of optimistic technology along with the security of ZK validity proofs. To further enhance overall security, Zircuit uses a unique 

 (AI)–driven system of monitoring for malicious transactions.

 (ZRC) is a hybrid Layer 2 blockchain that combines the features of optimistic and ZK rollups, and uses AI-driven monitoring for potentially harmful transactions. 

 rollup development technology, a popular framework for building optimistic rollup networks. Additionally, it uses zero-knowledge proofs, which lets the platform offer the best of both worlds 

 the performance benefits of optimistic rollups and the security of ZK technology. Zircuit is 

The Zircuit project takes security very seriously, and has introduced a unique system of AI-based protection against malicious transactions at the sequencer node level. The use of ZK proofs and an AI-based protection system make Zircuit one of the most secure platforms in the competitive world of Ethereum Layer 2 chains.

Along with its excellent security benefits, Zircuit also boasts low costs, fast transactions, excellent scalability and 2-second block production intervals. All these features make it an ideal environment for 

 (DApps) in various niches, particularly 

 (DeFi). In fact, the leading protocols within the Zircuit ecosystem are all dedicated to the finance niche, with Zircuit Staking being the largest application by TVL.

With its heavy focus on DeFi, Zircuit aims to become a leading liquidity hub for various token types within the sector, including 

. These assets can be staked through the Zircuit staking program — supported by the platform's Liquidity Hub — to earn staking APRs, airdrop rewards and points based on the Zircuit Point program (covered further in our article).

The platform also operates a secure native bridging solution, 

, to help users transfer assets between its Layer 2 network and Ethereum Layer 1.

The company behind the project, Zircuit Ltd., was founded in 2021 in Canada by Dr. Martin Derka, Jan Gorzny and Angel Xu. Zircuit's testnet was launched in November 2023, but made headlines in April 2024 when the project reported that its 

 (TVL) had soared past $2 billion. While testnet TVLs are more a gauge of future potential for a blockchain than an indicator of its existing worth, the news attracted the attention of industry observers toward the platform. Following its highly publicized testnet success, Zircuit launched the first phase of its mainnet in August 2024. This was followed by the launch of the platform's native token, ZRC, in November 2024.

As a typical rollup, Zircuit uses an off-chain sequencer node to batch and organize Layer 2 transactions for subsequent posting to the underlying Ethereum Layer 1. The batches have ZK validity proofs attached to them to signal to Layer 1 validators that they’re free from fraudulent transactions. Zircuit's architecture also includes prover nodes, whose job is to produce these validity proofs.

However, unlike other rollups using ZK proofs (also known as validity proofs), Zircuit doesn't generate validity proofs for every block of transactions. Instead, some blocks have pre-generated template proofs, while others go through the process of having a dedicated validity proof created for them. After a few blocks featuring validity proofs, there are several more that utilize template proofs. The image below illustrates this approach.

The key reason Zircuit has adopted this form of proof design is that the process of generating ZK proofs is computationally intensive. By using template proofs for some of the blocks in a sequence, Zircuit can reduce the overall computational overhead. However, the project’s team has stated that the template proof model is temporary, and will be phased out in the future. At that stage, the platform will move to generating ZK proofs for each block.

Zircuit features a highly modular design whereby provers — responsible for generating validity proofs on the platform — can easily be plugged into or removed from the network. This modular approach is distinct from the standard ZK rollup design, in which provers are more tightly and less flexibly integrated into the overall architecture.

As noted earlier, Zircuit uses a dedicated sequencer to organize and batch transactions into blocks. The platform also applies AI-driven monitoring at the sequencer level (the Sequencer Level Security, or SLS) to spot and exclude fraudulent transactions before they’re finalized on Layer 2.

When transactions are first posted to Zircuit, they enter the 

 — a temporary area from which the sequencer picks and organizes individual transactions into blocks. The mempool is being monitored at all times, using AI algorithms to identify suspicious transactions. If a transaction in the mempool raises a flag, it's quarantined and assessed for validity before the sequencer can include it in a block. The image below shows how this process works.

One of the distinct features of Zircuit is its hybrid architecture, which combines the properties of optimistic and ZK rollups. At the base level, Zircuit is built using Optimism's Bedrock development framework, a technology popular for optimistic rollup networks. However, the use of ZK proofs — or, to be more precise, a combination of validity proofs and template proofs — ensures that Zircuit enjoys a security level that standard optimistic rollups normally can't match.

The use of AI-based SLS provides robust security to Zircuit, complementing the already highly secure ZK proof system. Very few Layer 2 networks in the industry currently feature anything similar, making the platform a true pioneer of AI use for sequencer-level operations.

Like any rollup based on Optimism Bedrock, Zircuit enjoys EVM compatibility. This allows for smooth interoperability with the underlying Ethereum Layer 1. EVM compatibility also makes it easy for developers familiar with Ethereum’s environment to develop Zircuit-based DApps, or to port existing Ethereum applications to the platform. Developers can take advantage of technologies commonly used for Ethereum (e.g., the Solidity programming language and the Hardhat development framework) to build Zircuit applications and smart contracts.

Zircuit Bridge is a native bridging solution designed to easily transfer tokens between Ethereum and Zircuit. It boasts high security, low transaction fees and fast transfers, and allows users to move a variety of cryptocurrencies between Ethereum and Zircuit, including ETH, 

) and LRTs like Super Symbiotic LRT (weETHs). As of late November 2024, the total number of cryptos supported by the bridge is close to 30.

Zircuit has launched a reward program called Zircuit Points. Users can earn these Points by staking supported assets, and by participating in the Build to Earn initiative (more on this below). Accumulated points will be converted to ZRC tokens in the future. Points also create the opportunity to qualify for token airdrops.

The primary way for most users to earn Zircuit points is via 

. The Zircuit Staking program lets you stake LSTs, LRTs, popular stablecoins, some wrapped tokens and Ether (ETH) to earn points. Using LSTs and LRTs, you can earn yields (along with native Zircuit staking APRs and Points) from the respective staking and restaking platforms that issue these assets.

Zircuit Points earned via staking have different multipliers, depending upon the asset. For example, Ether has a multiplier of 0.5, while LSTs, LRTs and stablecoins have a multiplier of 1. Multipliers for different LST and LRT assets may be subject to change in the future.

Build to Earn is another way to qualify for Zircuit Points. The program allows developers to contribute to the Zircuit ecosystem and earn Points in a number of ways, including:

Launched in November 2024, ZRC is the platform's native cryptocurrency. It's an 

 asset deployed on both Zircuit and Ethereum Layer 1. ZRC is mainly used for reward distributions, and participation in token airdrops for ecosystem DApps. Currently, transaction fees on the network are paid in Ether. It's possible that, in the future, ZRC might be used for some transaction fee payments.

ZRC is also used for rewards under the Gas Rebate program. As users conduct transactions on the platform, they 

. Zircuit’s Gas Rebate program provides rebates to offset some of the incurred fees. The amount of ZRC earned as a rebate is proportional to the amount spent on gas in ETH; the project's documentation states that for each ETH spent on gas, the user earns 125% in ZRC. All kinds of gas fee payments qualify for the rebate, including ordinary asset transfers and transactions involving interaction with Zircuit DApps.

ZRC is a supply-capped token, with a maximum and total supply of 10 billion. The token's supply allocation shares are as follows:

The ZRC token is available on Bybit's Spot market as a swap pair with USDT (

 to grab a share of the 5 million ZRC prize pool. New users who sign up for a Bybit account and complete identity verification can earn ZRC rewards by accumulating a deposit volume of at least 2,000 ZRC, or by depositing 100 USDT and trading 100 USDT worth of ZRC via their first trade with Bybit. 

Meanwhile, existing users can qualify for ZRC rewards by trading at least 500 USDT worth of ZRC on the Bybit Spot market, with the possibility of earning up to 10,000 ZRC based on trading volume. The 

 event will run through Dec 10, 2024, 8:59AM UTC.

Zircuit is among the pioneering Layer 2 platforms to adopt a hybrid design for a rollup network. Thanks to the platform's architecture, users can take advantage of low transaction costs, fast transfers and great scalability while enjoying the benefits of high security delivered by ZK proofs and AI-driven mempool monitoring. AI-based monitoring for fraudulent transactions is a particularly notable feature of the platform and is undoubtedly among the most advanced technologies employed in the blockchain industry.

User security combined with faster and cheaper transactions for the Ethereum network — all in one package — is now feasible, thanks to Zircuit's innovative technology and unique approach!

Advanced

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What Is Zircuit (ZRC): Where Performance Meets Cutting-Edge Security

Bybit is celebrating its sixth anniversary with the #Super6Bybit event, offering a $1.2 million prize pool and focusing on its bbSOL token.

Daily Top Performer — Virtuals Protocol (VIRTUAL)

On Wednesday, the S&P 500 fell 0.38% as tech stocks dropped and inflation data reinforced a hawkish Fed outlook. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 0.40%, with Bitcoin and Ether dropping by 1.86% and 1.79%, respectively in the past 24 hours.

Today's top performer is VIRTUAL, which surged 53.6% following the launch of the $MUSIC token by Agentstarter, featuring AI-driven music video capabilities and community-focused tokenomics.

Virtuals Protocol (VIRTUAL), founded in 2021, allows users to invest in and co-own AI-driven virtual assets like companions and influencers. Its model fosters community ownership, transforming AI agents into revenue-generating assets across platforms like Roblox and TikTok. The platform attracts contributors from AI and gaming to drive innovation in virtual economies. 

, using AI to create music videos and offering features like animated videos, voice mimicry, and karaoke tracks. The tokenomics allocate 60% for airdrops, 20% for liquidity, and 10% each for the development team and Virtuals Protocol.

Check Out the Latest Prices, Charts, and Data of 

Bybit is celebrating its sixth anniversary with the 

, offering a $1.2 million prize pool and focusing on its bbSOL token. Launched in September 2024, bbSOL is the first exchange-backed Liquid Staking Token on Solana, providing liquidity and staking rewards. The campaign, running from November 28, 2024, to January 6, 2025, invites participants to build, transform, and supercharge their bbSOL through tasks, leaderboards, and community milestones, increasing rewards. The event combines gaming mechanics, community engagement, and opportunities to win prizes while promoting innovation and growth in the crypto space.

Yesterday, there were no flows in BTC Spot ETFs, including GBTC and non-GBTC categories.

. Stake BNB on Lista's portal to get slisBNB, then deposit it into Astherus to earn airdrop points with multipliers (3X for Lista, 1.15X for Astherus). No lockup is required, and slisBNB is the most efficient option.

Beginner

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Bybit Celebrates 6th Anniversary with $1.2M Prize Pool and bbSOL Supercharging Campaign

Our weekly crypto derivatives analytics report delves into macro events, the current state of crypto and trading signals from spot trading volume, and futures, options and perpetual contracts.

ETH has outperformed, bolstered by SEC Chair Gary Gensler's announcement of his Jan 20, 2025 departure, and suggested by growing open interest in ETH perpetual. This positive momentum extends to several large-cap altcoins previously scrutinized by the SEC, as indicated by bullish funding rates for long positions.

Please check out the report’s highlights.

ETH Open Interest Grows While BTC’s Declines

ETH is outperforming BTC following the announcement of SEC Chair Gary Gensler’s departure, as evidenced in perpetual swap markets. BTC open interest has decreased from last week's highs, while ETH contracts have increased. Additionally, ETH trade volumes constitute a larger share of daily trading as compared to much of the past six months, despite an overall dip in trade volumes this week. The gradual decline in BTC open interest, without a surge in trading activity, indicates a strategic repositioning, rather than a wave of liquidations.

BTC Option Curve Inversion Deepens as Price Retreats

The pullback in the spot BTC price from the $100K target has led to a flat ATM volatility term structure, with short-tenor options dropping below 60%. 

This trend continues the correlation between term structure inversion and BTC spot price returns observed since the U.S. election on November 5, 2024

. The decline in front-end volatility aligns with lower realized volatility levels. While demand for short-tenor options has moderated, there hasn't been a notable change in open interest for calls or puts. Instead, their growth has stalled at the week's start.

Sentiment in ETH options markets seems moderately more bullish than in BTC's during the recent decline in momentum from the post-election rally. Call options lead in both trading volumes and open interest. 

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Bybit X Block Scholes Crypto Derivatives Analytics Report (Nov 27, 2024): Signal on ETH Outperformance Against BTC Surfaces on Long-Term Contracts

Bybit Learn

Crypto Insights

Global sports events have been known to thrust Web3 into the limelight. Read on as we explore whether the World Cup 2022 hype has indeed provided a boost to Web3’s on-chain activities.

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The 2022 FIFA World Cup in Qatar kicked off last week and is currently all the rage. Global sports events have been known to thrust Web3 into the limelight, with Bybit’s sponsorship of Formula 1’s Red Bull team being an example. FIFA World Cup, as one of the most prestigious sports events, is no exception. 

Web3 players, including exchanges and protocols, have aspired to leverage this year’s World Cup to attract more users to Web3. As such, this article aims to explore areas of Web3 that would benefit from this year’s World Cup and how. In addition, as Web3 is reeling from contagious effects induced by FTX’s implosion, we will dive into whether the FIFA World Cup hype has indeed provided a boost to Web3’s on-chain activities.

Crypto Trading — Crypto Exchanges Kick Off World Cup Branding

The cryptocurrency exchange, Crypto.com, is the 

 of the FIFA World Cup 2022. Crypto.com benefits from the publicity as the mega event’s venue and the broadcast view from the stadium will both be branded with Crypto.com’s graphics. Crypto.com has been famous for its aggressive expansion strategies by sponsoring sports events. Aside from the agreement signed with FIFA World Cup, the cryptocurrency exchange has signed agreements with the 

, not to mention its headline Super Bowl ads that increase its 

. As such, Crypto.com aims to repeat its previous success with expensive FIFA sponsorships.

Source: Coingecko, Google Trend (data as of Nov 22, 2022)

As shown in the first graph, Crypto.com’s major sponsorships in the past year have successfully led to a boost in exchange trading volume. Nonetheless, following insolvency events in May, the trading volume plunged and has since remained flat. As World Cup 2022 kicks off, trading volume seems to recover slightly with the help of FIFA’s publicity, while search volumes have shown an early sign of recovery, suggesting that Crypto.com could possibly have acquired some users from the sponsorship.

While crypto trading does not equal enhanced Web3 adoption, the user on-ramp by centralized exchanges is essential to boost users’ accessibility to Web3, laying the foundation for a thriving Web3 space. Apart from direct sponsorships, other prominent crypto exchanges, such as Bybit launched a series of “

” events to reward users with a 500k USDT prize pool and NFTs up for grabs. If the user search interests can build into the future, World Cup 2022 may help attract new users to crypto exchanges and revive Web3 adoption accordingly. 

Non-Fungible Tokens (NFT) — Use Cases for Adoption

 platform, an NFT marketplace empowered by the Algorand blockchain, where FIFA fans can purchase FIFA Archive Drops, which are video snippets of highlights from previous FIFA World Cups transformed into NFTs. Some of the most expensive NFTs in the marketplace as of the time of writing are Colombian player James Rodrigez’s goal against Uruguay in the 2014 World Cup for $10,000 and French player Kylian Mbappe’s goal against Argentina at the 2018 FIFA World Cup for $4,200. FIFA’s cooperation with Alogrand brought digital assets front and center and bodes well for NFT adoption in global sports events. In addition, FIFA fans can purchase the NFT collections by credit cards or USDC, effectively removing the payment barrier that disconnects real-world users from buying NFTs.

However, the sales of collectibles on FIFA+ Collect have been lukewarm. Looking at the primary sales of card packs, we can see a massive spike in mint volume in late October, 2022. This corresponded to the period when prominent influencers on Twitter started talking about the FIFA+ Collect and its potential to become the next NBA Top Shot. However, the volume has since fallen back to the baseline, with less than 12,000 cards minted daily. 

Source: NFT Explorer (data as of Nov 23, 2022)

Apart from the official FIFA collaboration, another top-ranking football-themed NFT on Algorand is 

, a special set of commemorative NFT spin-offs of Al Goanna, the leading NFT projects on the Algorand blockchain. The collection saw a strong start immediately after its release but has since spiraled down in both volume and average price.

Another football-inspired NFT memorabilia platform is LaLiga Golazos. The platform is the collaboration between 

, the premier soccer league organization in Spain, and Dapper Labs. Laliga Golazos is conceptually similar to FIFA+ Coll

ect as it allows users to purchase NFTs with videos of the most memorable goals from 2005 to present. The platform was launched on Oct 27, 2022 and dropped its first pack on the same day. 

Performance of Flow and Algorand Blockchain

Source: Crypto Slam (data as of Nov 22, 2022)

The above graphs suggest that both blockchains present a general downward trend in sales generated. The FIFA partnership announcement in September may be responsible for the initial spike. However, the momentum soon lost steam as the sales volume retracted to its baseline. As such, the boost from World Cup 2022 on Algorand’s NFT sales was short-lived.

FIFA-related NFTs were introduced in the midst of a prolonged bear cycle, while the World Cup 2022 opening coincided with the unraveling of one of the most influential centralized exchanges, FTX. This was a period when market liquidity evaporated rapidly as the market began to absorb the aftershock of the FTX collapse. With the broader market embroiled in turmoil, it is unlikely for those FIFA-related NFTs to replicate the trajectory of NBA top shots, one of the most successful sports NFT projects atop Flow blockchain. 

The cooperation with FIFA sends a tailwind towards the adoption of Algorand and Flow blockchains, two of the prominent NFT-focused blockchains. However, the short-term boosts have yet to  spur overall NFT sales remarkably on the two blockchains as the cryptoverse is still reeling from rippling effects in the wake of FTX’s collapse

Blockchain Games — Scoring Big with Partnerships and KOLs

Sorare is a fantasy sports game protocol built atop Ethereum Layer 2 with Starkware’s Validium technology. As the transactions are conducted off-chain, no gas fees are paid by users when interacting with the protocol. Sorare is essentially a football card game where users compete with each other to win prizes with rare NFT cards. NFT cards represent famous football players with different characteristics for in-game play.

Sorare owns a first-mover advantage in the football blockchain game, where it has 

 with soccer stars Lionel Messi and Kyle Mbappe to attract football fans to the Web3 space. In addition, Sorare has launched a global cup promotion event to jump on the wagon of the FIFA World Cup 2022, featuring football players from over 300 officially licensed football clubs for users to select from.

Source: Dune Analytics @amiloski (data as of Nov 22, 2022)

However, the FIFA promotion has failed to gain traction. The activities of transfers and minting of NFTs on Sorare, as shown in the above table, have declined since July and remained flat, except for a short-lived increase in early September. 

Source: DappRadar (data as of Nov 22, 2022)

Besides Sorare, other less-known blockchain football games seem to benefit more from the FIFA hype. 

 is one example, which bears a resemblance to Sorare as a fantasy football game with digital NFT cards on Polygon. The on-chain transactions of Ultimate Champions have increased to an average of 10k to 60k on Nov 17, 2022. Despite falling to 10k after a few days, the daily transactions have remained elevated relative to the historical levels. We have noticed similar trends for 

, a metaverse football game built on the Flow Blockchain. 

In conclusion, it seems relatively less known if blockchain football games have taken off from the FIFA Hype, with new users flowing into their ecosystem. FIFA has successfully boosted the usage of football games in game blockchains. In comparison, Ethereum-native Sorare has lost ground in the competition, possibly due to a weaker gamer community on Ethereum or ineffective marketing campaigns.

Fan Tokens — Fans Come Pouring in to Support Their Countries

Fan tokens are fungible cryptocurrencies, owning such tokens would provide one with the ability to vote on team decisions and compete for goods, such as VIP experiences, exclusive merchandise, tickets, etc. Chiliz is the first and the most reputable issuer of fan tokens in the space. 

Chiliz is the team behind Socios.com, the prominent sports fan engagement platform built on the Chiliz blockchain. Socios.com App and Chiliz Exchange are the main products launched by the team. $CHZ is the native currency for the Chiliz ecosystem and is used to facilitate the buying and selling of fan tokens. For example, $PSG represents fan tokens officially issued by Paris Saint-Germain Football Club on Socios.com. Read 

While the fan tokens issued on Chiliz are mainly football club tokens, World Cup 2022 has ushered in country fan tokens, including Argentine Football Association Fan Token (ARG) and Brazil National Football Team Fan Token (BFT). 

Source: Coingecko (data as of Nov 22, 2022)

As of the time of writing, country fan tokens have significantly outperformed football club fan tokens as the FIFA World Cup 2022 is in full swing, with only country fan tokens ending in the green in the past week while football club fan tokens all ended in the red. Major country fan tokens come into existence in Q3 but have managed to notch up top spots in fan token ranking. 

The price movements of country fan tokens are likely linked to the performance of the specific country’s football team performance in World Cup 2022. Fans might be compelled to buy fan tokens to receive fans' rewards if their favorite teams fare well during the 2022 World Cup. For example, as fans get used to the fan token concept, they may continue to stay on Socios.com and switch to their football club fan tokens, later on, suggesting the FIFA hype could possibly act as a gateway and help boost Web3 adoption. 

Country fan tokens such as Brazil National Fan Tokens (BFT) are not listed on Socios.com and are directly traded on centralized exchanges. Despite the backup by respective national team associations, owners of country fan tokens are not entitled to the streamlined fan engagement experience offered by Socios.com. Therefore, it is more likely that country fan tokens that are released only on centralized exchanges are more speculative and may experience volatility once the hype subsides. As a highlight, all fan tokens traded on Bybit are football club fan tokens. Trade and share up to 300,000 USDT in prizes 

Source: Dune Analytics @lcai (data as of Nov 22, 2022)

The above shows that CHZ transactions have rebounded since August and soared as the FIFA hype looms. CHZ transactions indirectly reflect the demand for fan tokens released on Socios.com, as users have to swap CHZ with fan tokens, suggesting that the FIFA World Cup 2022 has indeed boosted the adoption of fan tokens. 

In comparison, blockchain games such as Sorare have failed to catch the hype, while new football games such as The Football Club, although spurred by the FIFA hype, have failed to maintain the hype as fan tokens. As such, fan tokens seem to be embraced more by real-world users and may continue to gain popularity even after World Cup 2022, particularly football club fan tokens.

Web3 X World Cup — Can FIFA World Cup Provide A Much-Needed Boost For Web3 Adoption?

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