The sports-oriented blockchain platform Chiliz is broadening its fan token portfolio, which currently comprises over 70 tokens, to include Solana and Base, an Ethereum layer-2 network developed by Coinbase. Initially, Chiliz launched its own layer-1 network in 2023 for token trading but is now adopting an omnichain strategy. This approach, as announced on Tuesday, utilizes the Omnichain Fungible Token standard, allowing fan tokens to be unified across supported chains without the need for wrapped tokens or fragmented liquidity.
Fan tokens represent community membership, such as a sports team's fan base, and provide holders with exclusive rewards and voting rights. With the expansion to Solana and Base, Chiliz aims to significantly increase trading volume, particularly with the upcoming FIFA World Cup, for which tokens representing teams like Argentina and Portugal are already available, and more are anticipated in June.