Smaller cryptocurrencies are taking center stage as bitcoin ($BTC) trades in a lackluster manner following the recent introduction of spot ETFs in the U.S.
Noteworthy performers include $CHZ , the native token of the Chiliz network used for purchasing Fan tokens on Socios.com, and $KLAY, the utility token of Layer 1 blockchain network Klaytn, backed by the Korean internet giant Kakao.
Over the past 24 hours, CHZ has surged by 10%, surpassing $0.11 for the first time since May of last year, while KLAY has seen a 14.7% rally to $0.228, as per CoinDesk data. In contrast, Bitcoin has been trading within a narrow range of $42,500 to $43,500.
Chiliz’s CEO, Alexandre Dreyfus, revealed on X that the company intends to pursue an ambitious merger and acquisition (M&A) strategy this year, aiming to create expansive ecosystems by combining existing tokens and networks.
Simultaneously, Klaytn and the Web3-focused Finschia Foundation have proposed a merger to establish an Asian Web3 powerhouse. Finschia serves as a public mainnet successor to the LINE blockchain.
“The proposed merger will unite South Korea and Japan’s leading blockchains to form an ecosystem boasting over 420 DApps. The new blockchain will inherit Klaytn and Finschia’s integration with Kakaotalk and LINE, amassing a user base of over 250 million across Asia,” stated Klaytn in a social media post on Tuesday.
Upon completion of the merger, holders of KLAY and Finschia’s FNSA token will be able to exchange their holdings for a new coin. Klaytn emphasized that the new coin will feature low inflation, a burning mechanism, and a zero reserve strategy.
