The sports-centric blockchain platform Chiliz is broadening its reach by introducing its extensive range of over 70 fan tokens to Solana and Base, a layer-2 Ethereum network developed by Coinbase. Initially, Chiliz launched its own layer-1 network in 2023 to facilitate the trading of its tokens, but it is now adopting an omnichain distribution approach. This strategy involves utilizing the Omnichain Fungible Token standard, enabling fan tokens to exist on each supported chain with a unified supply, thereby eliminating the need for wrapped tokens or fragmented liquidity pools. Fan tokens represent digital assets that signify membership in a community, such as a sports team's fan base.
Chiliz has developed numerous tokens for prominent European soccer teams, including Paris Saint-Germain, Barcelona, Manchester City, and Juventus. These teams leverage tokens to encourage fan engagement by offering exclusive rewards and voting rights on minor issues. By expanding to Solana and Base, Chiliz aims to significantly increase trading volume for these tokens ahead of the upcoming FIFA World Cup, with tokens for the Argentina and Portugal teams already available and more expected to be unveiled in June.