The sports-centric blockchain platform Chiliz is set to broaden 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 hosting token trades but is now adopting an omnichain approach. This strategic move, announced recently, involves utilizing the Omnichain Fungible Token standard, allowing fan tokens to have a unified supply across supported chains and eliminating the need for wrapped tokens or disjointed liquidity pools.
Fan tokens represent community membership, such as a sports team's fan base, and offer exclusive rewards and voting rights. With the FIFA World Cup approaching, Chiliz aims to significantly increase trading volume for these tokens by expanding to Solana and Base, building on its existing partnerships with prominent soccer teams like Paris Saint-Germain and Barcelona.