The sports-oriented blockchain platform Chiliz is broadening its fan token offerings to include Solana and Base, the Ethereum layer-2 network developed by Coinbase, in a bid to amplify trading volumes. Having launched its own layer-1 network in 2023 for token trading, Chiliz is now adopting an omnichain approach. This strategy, announced on Tuesday, involves utilizing the Omnichain Fungible Token standard, which allows fan tokens to exist on multiple chains with a unified supply, thereby eliminating the need for token wrapping or fragmented liquidity.
Fan tokens, which serve as digital assets representing community membership, such as a sports team's fan base, have been developed by Chiliz for over 70 teams, including prominent European soccer clubs like Paris Saint-Germain, Barcelona, Manchester City, and Juventus. These tokens facilitate fan engagement through exclusive rewards and voting privileges. With the upcoming FIFA World Cup, Chiliz aims to significantly boost trading volumes for these tokens by expanding to Solana and Base, with tokens for teams like Argentina and Portugal already available, and more slated for release in June.