Smaller cryptocurrencies are having their moment as Bitcoin (BTC) trades tepidly in the wake of spot ETFs debuting in the US.
Of particular note are CHZ, the native token of the Chiliz network used to buy Fan tokens on Socios.com and KLAY, the token of the top-tier blockchain network Klaytn, which is backed by Korean internet giant Kakao.
In the past 24 hours, CHZ rose 10%, surpassing $0.11 for the first time since May last year, and KLAY rose 14.7% to $0.228, CoinDesk data shows. Bitcoin was primarily directionless, trading between $42,500 and $43,500.
On Tuesday, Chili’s CEO Alexander Dreyfus, He said on X Chiliz will pursue an aggressive merger and acquisition (M&A) strategy this year to create massive ecosystems that combine existing tokens and networks.
Meanwhile, Klaytn and Web3-focused Finschia Foundation have proposed merging the two chains to create an Asian Web3 powerhouse. Finschia is a public mainnet of the LINE blockchain.
“The proposed merger will bring together leading blockchains from South Korea and Japan to form an ecosystem of more than 420 centralized applications. The new blockchain will inherit Klaytn and Finschia’s integration with Kakaotalk and LINE, creating a user base that includes Over 250 million users across Asia.
Finschia’s KLAY and FNSA token holders will be able to exchange their holdings for a new currency that will be created upon completion of the merger, Clayten added, noting that the new currency will have a low inflation, burn mechanism and zero reserve strategy. (FNSA token is down 6% in the last 24 hours.)