Chipz is a decentralized finance (DeFi)-backed solution for betting. According to its website, Chipz claims to be the first one to introduce such a solution to the betting world. This allows the gamblers to stake assets and earn yields over time based on the results of the events. According to its whitepaper, Chipz is a web-based platform where people can bet on different sporting events within the betting rooms created by the users. The platform intends to fill the gap of the decentralized sports-prediction market.

The platform allows anybody to use stablecoin to participate in the betting. The payment of the betting fees is guaranteed with smart contracts on the Ethereum blockchain. The platform works as an intermediary that charges low-cost fees for the services, including creating a book and a small part of winning pay-outs. A user's portfolio is built based on sports forecasts, and a return is earned if the user is correct in the prediction. The user needs to get a USD Coin, a stablecoin to start betting. The platform also encourages liquidity staking and partnership with other decentralized finance projects in the ecosystem.

Chipz has the native cryptocurrency with the ticker name CHPZ. CHPZ is an ERC20 token based on Ethereum platform. CHPZ serves as a utility token of the platform that intends to create booking instances and is also used in staking. Such staking of CHPZ token also provides a share of platform revenue as a reward. Moreover, the CHPZ token also works as a governance token of the platform. The holders of CHPZ are allowed to decide on the key issues of the platform.

The Chipz platform launched its public beta platform in the first quarter of 2022. The platform’s whitepaper was released on July 17, 2021. The team behind the platform includes Josh Thompson (CEO), Joab Garza (CTO), and Justin Lally (CMO). Other members include Julian Andres Cuartas Gonzalez and Felipe Marulanda. The platform is also supported by TJ Duckett, who is a football player. The total supply of the CHPZ token is 100,000,000 coins.