Chiliz, a sports-oriented blockchain, is broadening its fan token portfolio of over 70 to Solana and Base, Coinbase's Ethereum layer-2 network. Initially, Chiliz launched its own layer-1 network in 2023 for hosting token trades but is now adopting an 'omnichain distribution' strategy, as announced on Tuesday.
This strategy involves utilizing an Omnichain Fungible Token standard, allowing fan tokens to exist across supported chains with a unified supply, thus eliminating the need for wrapped tokens or fragmented liquidity. Fan tokens represent community memberships, such as a sports team's fan base, with Chiliz having developed over 70 tokens for prominent European soccer teams like Paris Saint-Germain and Barcelona.
These tokens foster engagement among fans by offering exclusive rewards and voting rights. With the FIFA World Cup approaching, Chiliz aims to significantly boost token trading volumes through its expansion into Solana and Base, having already introduced tokens for Argentina and Portugal, with more expected in June.