The sports-centric blockchain firm Chiliz is set to extend its portfolio of over 70 fan tokens to Solana and Base, Coinbase's Ethereum layer-2 network. Initially, Chiliz introduced its own layer-1 network in 2023 to facilitate token trading but has now opted for an 'omnichain distribution' approach, as announced on Tuesday. According to Chiliz, the use of an Omnichain Fungible Token standard enables fan tokens to exist across multiple chains with a unified supply, thereby eliminating the need for wrapped tokens or fragmented liquidity. Fan tokens serve as digital assets symbolizing community membership, such as a sports team's fan base.
With over 70 tokens developed, including those for prominent European soccer teams like Paris Saint-Germain, Barcelona, Manchester City, and Juventus, Chiliz enables these teams to foster engagement among fans through exclusive rewards and voting rights. The expansion to Solana and Base is expected to significantly boost trading volume for these tokens ahead of the upcoming FIFA World Cup. Chiliz has already introduced tokens for the Argentina and Portugal teams, with more anticipated to launch in June.