The sports-focused blockchain Chiliz is broadening its reach by introducing its fan tokens to Solana and Base, a layer-2 Ethereum network developed by Coinbase. This move follows the launch of its own layer-1 network in 2023, which initially hosted the trading of its tokens.
However, Chiliz is now embracing an omnichain distribution approach, as announced on Tuesday. By adopting the Omnichain Fungible Token standard, fan tokens will be accessible across multiple chains with a single, unified supply, thereby eliminating 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 over 70 tokens developed by Chiliz for prominent European soccer teams like Paris Saint-Germain, Barcelona, Manchester City, and Juventus. These teams utilize tokens to foster engagement among fans by offering exclusive rewards and voting rights on minor decisions. With the upcoming FIFA World Cup, Chiliz aims to significantly increase trading volume for these tokens by expanding to Solana and Base, with tokens for the Argentina and Portugal teams already available and more expected to be launched in June.