The sports-oriented blockchain platform Chiliz is broadening its fan token offerings to include Solana and Base, the Ethereum layer-2 network developed by Coinbase, in an effort to amplify trading volumes. Initially, Chiliz launched its own layer-1 network in 2023 for hosting token trades but is now adopting an omnichain distribution approach.
This new strategy, announced on Tuesday, utilizes the Omnichain Fungible Token standard, enabling fan tokens to exist uniformly across supported chains without the need for wrapped tokens or fragmented liquidity pools. Chiliz has developed over 70 fan tokens for prominent sports teams like Paris Saint-Germain, Barcelona, and Juventus, which utilize these tokens to foster engagement among fans not physically present at games by offering exclusive rewards and voting rights.
With the upcoming FIFA World Cup, Chiliz aims to significantly boost trading volumes for these tokens through its expansion to Solana and Base, with tokens for teams like Argentina and Portugal already available and more expected to launch in June.