The sports-focused blockchain company, Chiliz, is broadening its reach by introducing its extensive range of fan tokens to Solana and Base, a layer-2 Ethereum network developed by Coinbase. This strategic move follows the launch of its own layer-1 network in 2023, which initially hosted token trading.
However, the company is now embracing an 'omnichain distribution' model. By adopting an Omnichain Fungible Token standard, fan tokens will have a unified supply across all supported chains, thereby eliminating the need for wrapped tokens and fragmented liquidity pools. Fan tokens represent digital membership within a community, such as a sports team's fan base, with over 70 tokens developed by Chiliz for prominent European soccer teams like Paris Saint-Germain, Barcelona, and Manchester City. These tokens foster engagement among fans by offering exclusive rewards and voting rights.
With the FIFA World Cup approaching, Chiliz aims to significantly boost trading volume for these tokens by expanding to Solana and Base, with tokens for the Argentina and Portugal teams already available and more expected to launch in June.