In a strategic move to bolster the trading of its fan tokens, Chiliz is broadening its reach to Solana and Base, a layer-2 Ethereum network developed by Coinbase. This development comes after Chiliz launched its own layer-1 network in 2023, but has since opted for an omnichain distribution approach.
By leveraging the Omnichain Fungible Token standard, fan tokens will be unified across all supported chains, eliminating the need for wrapped tokens and ensuring more fluid liquidity. Fan tokens, which serve as digital representations of community membership, such as a sports team's fan base, have been successfully developed by Chiliz, with over 70 tokens created for prominent European soccer teams like Paris Saint-Germain, Barcelona, and Manchester City. These tokens enable teams to foster engagement among fans through exclusive rewards and voting rights. With the upcoming FIFA World Cup, Chiliz aims to significantly increase 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.