Paris Saint-Germain (PSG), renowned for its football legacy and forward-thinking approach, is strengthening its involvement in the Chiliz blockchain alongside Socios.com, its official Fan Token collaborator.
Through this collaboration, PSG will serve as a crucial validator on the Chiliz Chain, safeguarding the network’s integrity, precision, and dependability.
PSG plans to join forces with Chiliz to host its inaugural blockchain hackathon at Parc Des Princes stadium in late summer 2024. This event aims to bring together developers from France and around the world to explore novel ideas using Web3, the Chiliz Chain, and PSG Fan Tokens.
The choice to adopt Chiliz stems from its thriving $1 billion SportFi ecosystem, catering to cryptocurrency enthusiasts in the sports realm. With its robust infrastructure and support for various decentralized applications, Chiliz Chain has emerged as a focal point for over 50 Web3 projects.
PSG has committed to utilizing all its earned revenue to serve as a node validator on the Chiliz Chain, facilitating periodic buybacks of $PSG Fan Tokens from the open market.
These automated repurchases, carried out through smart contracts by the validator or decentralized exchanges on the Chiliz Chain, will occur at predetermined intervals, consistently enhancing the club’s digital ecosystem.
The buyback initiative serves a dual function: it guarantees that a substantial portion of the revenue generated from club validators, including gas fees and supply inflation, is reinvested into the PSG Fan Token circulation. Additionally, it allows PSG to regularly replenish its reserves of Fan Tokens.
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