The sports-focused blockchain platform Chiliz is broadening its portfolio of fan tokens, which currently numbers over 70, 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 distribution approach. This strategy, announced on Tuesday, utilizes the Omnichain Fungible Token standard, enabling fan tokens to exist on each supported chain with a unified supply.
This eliminates the need for wrapped tokens and fragmented liquidity pools. Fan tokens represent digital membership in a community, such as a sports team's fan base, with Chiliz having developed tokens for prominent European soccer teams like Paris Saint-Germain, Barcelona, Manchester City, and Juventus. These tokens foster engagement among fans by offering exclusive rewards and voting rights on minor team decisions.
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 in June.