In a bid to energize fan token trading, Chiliz is broadening its reach to Solana and Base, an Ethereum layer-2 network developed by Coinbase. Having introduced its own layer-1 network in 2023, the company is now adopting an omnichain distribution strategy. This approach, announced on Tuesday, utilizes the Omnichain Fungible Token standard, allowing fan tokens to exist on multiple chains with a unified supply.
This eliminates the need for wrapped tokens and fragmented liquidity pools. Fan tokens, which represent community membership, such as a sports team's fan base, will benefit from this expansion. With over 70 tokens developed, including those for prominent soccer teams like Paris Saint-Germain and Barcelona, Chiliz aims to boost trading volume ahead of the FIFA World Cup.
The company already offers tokens for the Argentina and Portugal teams, with more expected to launch in June.