Three Metaverse Reference Rates From CME Group

0D3772FEB35DBB3CCBD57D4CD394E2E6F4C44EDB53F1E4378F4AC97A25918F77 (1).jpg

Derivatives marketplace CME Group is planning to develop reference rates in addition to real-time indexes for a total of three distinct crypto assets that are part of the metaverse. This would make it possible for investors to monitor price data in a more precise manner by using a method that is often used in traditional finance.

The company made the news on January 5 that CME Group and CF Benchmarks will begin offering reference prices for Axie Infinity Shards (AXS), Chiliz (CHZ), and Decentraland’s MANA commencing on January 30.

The reference rates and indexes are not products that can be traded, but investors can use them to “price sector-specific portfolios, develop structured products, and manage price risk around various Metaverse-based projects,” as explained by Giovanni Vicioso, head of cryptocurrency products at CME Group. The CME Group was kind enough to provide us with this information.

Calculations for the real-time indexes and reference rates for AXS, CHZ, and MANA will make use of price data from a minimum of two different cryptocurrency exchanges. In addition to LMAX Digital and itBit, the following exchanges are included here: Bitstamp, Coinbase, Kraken, and itBit.

Every day at 16:00 local time, the reference rates for the assets will be published with prices in United States dollars. These prices will be published (00:00 GMT). Each and every real-time index will be made accessible for use by the general public each and every second of each and every day.

CoinMarketCap estimates that Chiliz, the most successful of the aforementioned metaverse enterprises, now has a market worth of 742.1 million dollars. This information was obtained from the Chiliz website.

AXS is now valued at roughly $686.5 million, whereas MANA is currently at approximately $597.2 million according to the market.

The CME Group has been fairly active in the cryptocurrency sector, offering micro-sized options for Bitcoin and Ether at the end of the previous year.

The popularity of metaverse tokens increased during the most recent bull market in cryptocurrencies as dozens of projects promised to build digital replicas of the real world.


Tagged : / / / / /

Fan Token Issuing Startup Receives Italian Regulatory License

The sports-based fan token market has surpassed $440 million in market cap since the football fans’ blockchain app announced it has received regulatory approval from the Italian government, up 97% from the previous month.

CHI.jpg will now be able to provide cryptocurrency and digital wallet services to fans in Italy.

Fan tokens are tokenized assets that represent proof of ownership or even membership. Users can influence the clubs they support by developing club-specific fan tokens to gain voting rights. is an app for football fans where users can influence the clubs they support by purchasing club-specific fan tokens to gain voting rights.

The platform said the 2021 token generated nearly $200 million in revenue for its partner clubs.

Alexandre Dreyfus, CEO of, stressed that Italy is a very important market, with several top football clubs such as AC Milan, Inter Milan, Naples, FC Barcelona, and Others already established Let the platform have a strong influence.

Therefore, ensuring the legitimacy of operations in Italy and gaining the trust of users in this country has always been the direction of the platform’s efforts.

Approval from Italian regulators is, therefore, key to’s protection of consumers and continued service in the region

He added that:

“Regulation builds consumer confidence. Fan tokens as a very powerful digital asset class in their own right are growing, and with increased confidence and visibility comes increased demand.”

Chiliz ($CHZ), an ERC20 utility token on the Ethereum blockchain as the digital currency of the Chiliz and platforms, is down by about 8.56% at the time of writing.

Dreyfus admits that since the launch of Fan Tokens in December 2019, nearly 110,000 users have joined and bought tokens worth an average of $20.

Image source: Shutterstock


Tagged : / / / / /

CHILIZ Launches Layer 1 Blockchain for Sports and Entertainment Industry

Chiliz has announced the launch of the Scoville testnet for the newly established Layer 1 blockchain network Chiliz Chain 2.0 (also known as CC2).

Chiliz (CHZ) is a blockchain-based sports platform that aims to provide blockchain-based solutions for the sports industry and help fans participate in the token economy.

The Chiliz Chain 2.0 will focus on Web3 capabilities in the sports and entertainment fields, and build NFT and game-to-earn (P2E) games while accelerating the development of fan tokens and decentralized finance (DeFi) applications

Chiliz Chief Strategy Officer Max Rabinovitch explained that:

“Approval of the validators must go through our governance process, with validators voting to approve any new validators. Voting power will depend on the amount of $CHZ stacked by each validator.”

Chiliz Labs has also established an accelerator program to provide infrastructure services, technical assistance, and funding for developers building on-chain applications on the CC2 network.

The sports-focused digital trading platform has previously extended its entertainment services and partnered with renowned “big names” in the sports industry, notably FC Barcelona, ​​Juventus and Paris Saint-Germain, among others. Not only are their $CHZ tokens used in soccer-related sports entertainment, but in May, Chiliz has also partnered with UFC.

Image source: Shutterstock


Tagged : / / / / /

Bitcoin and altcoins took a hit, but derivatives data reflects a calmer market

Looking at the winners and losers of the past week clearly shows that traders endured some serious heat as the total crypto market capitalization dropped by 12.7% when Bitcoin fell to $41,000. This sharp downside move knocked the figure from $2.37 trillion to $1.92 trillion on Dec. 3 and a total of $2 billion long future contracts were liquidated.

Top winners and losers from top 80 coins. Source: Nomics

Bitcoin (BTC) price retraced 14.6% over the past week, effectively underperforming the broader altcoin market. Part of this unusual movement can be explained by the performance seen in decentralized applications which held up better than most of the market. Data shows Ether (ETH) traded down 6.0%, Binance Coin (BNB) lost 7.3% and Solana (SOL) dropped by 7.8%.

This week’s top gainers include OKEx’s OKB token (OKB) and Bitfinex’s UNUS (LEO). Perhaps these benefited from not having a United States entity because the regulatory uncertainties in the region continue to increase. Moreover, scaling solutions Polygon (MATIC) and Algorand (ALGO) benefited from Ethereum’s $40 or higher network transaction fees.

Terra (LUNA) featured on last week’s top performers after its built-in token burn mechanism significantly reduced the supply. Meanwhile, Stacks (STX), previously known as Blockstacks, pumped after D’Cent wallet included support for SIP010 tokens.

Sharing solutions had a disappointing week

Among the worst performers were three decentralized sharing solutions: Theta Network (THETA), Filecoin (FILE), and Internet Computer (ICP). They were not alone, as some of the sectors’ altcoins below the top-80 also crashed. Siacoin (S.C.) endured a 34% drawdown and Ankr Network (ANKR) dropped by 31.8%.

Chiliz (CHZ) suffered direct competition after Binance successfully launched an independent soccer fan token called SANTOS. Initially, Chiliz’ platform was created to host exclusive promos, services and voting for their fan tokens and more recently the project ventured into the non-fungible NFT market. However, that initiative also lost impact after soccer player Neymar launched a collection with NFTStar.

Despite being among the bottom performers, decentralized exchange aggregator 1inch Network (1INCH) concluded a $175 million Series B investment round and these funds will be used to expand the protocol’s utility.

Tether’s premium and the futures’ perpetual premium held up well

The OKEx Tether (USDT) premium measures the difference between China-based peer-to-peer (P2P) trades and the official U.S. dollar currency, and in the past week it decreased slightly.

OKEx USDT peer-to-peer premium vs. USD. Source: OKEx

Currently the indicator has a 98% reading, which is slightly bearish, signaling weak demand from crypto traders to convert cash into stablecoins. Even at its best moment over the past two months, it failed to surpass 99%, so Chinese players have not been excited about the general market.

The overall impact of last week’s correction was a drop in the total futures open interest, down 28% to $16.7 billion. Nevertheless, the move was expected since the total market cap retraced and some $3.9 billion worth of liquidations took place during the week.

More importantly, the funding rates on Bitcoin and Ethereum futures quickly recovered from Dec. 3 price crash. Even though longs (buyers) and shorts (sellers) are matched at all times in any futures contract, their leverage varies.

Consequently, to balance their risk, exchanges will charge a funding rate to whichever side is using more leverage and this fee is paid to the opposing side.

BTC and ETH perpetual futures 8-hour funding rates. Source:

Data reveals that a modest bearish trend occurred on Dec. 3 and 4 as the 8-hour funding rate went below zero. A negative funding rate shows that shorts (seller) were the ones paying the fees, but the movement faded as soon as BTC and ETH prices bounced 15% from their lows.

The above data might not sound encouraging, but considering that Bitcoin suffered considerable losses this week, the overall market structure held nicely. If the situation was worse, one would definitively not expect a 99% Tether premium or a positive perpetual funding rate.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.