The sports-centric blockchain platform, Chiliz, is broadening its reach by introducing its extensive range of over 70 fan tokens to Solana and Base, a layer-2 Ethereum network developed by Coinbase. Initially, Chiliz launched its own layer-1 network in 2023 to facilitate token trading, but it is now shifting towards an omnichain distribution approach. This strategy, announced on Tuesday, utilizes the Omnichain Fungible Token standard, enabling fan tokens to exist uniformly across supported chains, thereby eliminating the need for wrapped tokens or fragmented liquidity pools.
As digital assets representing community membership, such as a sports team's fan base, fan tokens have been developed by Chiliz for numerous prominent European soccer teams, including Paris Saint-Germain, Barcelona, Manchester City, and Juventus. These teams leverage tokens to foster engagement among fans, offering exclusive rewards and voting rights on minor issues. With the upcoming FIFA World Cup, 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 be unveiled in June.