Since spot ETFs recently made their debut in the United States, smaller cryptocurrencies are having their moment while bitcoin (BTC) trades listless.
Notable examples are KLAY, the utility token of the Layer 1 blockchain network Klaytn, which is supported by the massive Korean internet company Kakao, and CHZ, the native token of the Chiliz network, which is used to buy Fan tokens on Socios.com.
CHZ has increased 10% in the last 24hours, surpassing $0.11 for the first time since May of last year, while KLAY has increased 14.7% to $0.228 according to current data. For the most part, Bitcoin has been moving in an aimless manner, trading between $42,500 and $43,500.
In an effort to build massive ecosystems by fusing current tokens and networks, Chiliz will pursue an aggressive merger and acquisition (M&A) strategy this year, according to the company’s CEO, Alexandre Dreyfus, who spoke on X on Tuesday.
The Web3-focused Finschia Foundation and Klaytn, meanwhile, suggested combining the two chains to form an Asian Web3 superpower. The LINE blockchain’s public mainnet successor is called Finschia.
The top blockchains from Japan and South Korea will combine through the proposed merger to create an ecosystem with over 420 DApps. In a social media post on Tuesday, Klaytn stated, “The new blockchain will inherit Klaytn and Finschia’s integration with Kakaotalk and LINE, creating a user base of over 250 million across Asia.”
Klaytn noted that after the merger is complete, holders of KLAY and Finschia’s FNSA token will be able to exchange their holdings for a new coin that will be generated with minimal inflation, a burning mechanism, and a zero reserve strategy. The FNSA token has decreased by 6% within the past 24hours.