The sports-oriented blockchain, Chiliz, is broadening its fan token portfolio, which currently comprises over 70 tokens, to include Solana and Base, a layer-2 Ethereum network developed by Coinbase. Having launched its own layer-1 network in 2023 for hosting token trades, Chiliz is shifting towards 'omnichain distribution', as stated in a Tuesday announcement on X.
According to Chiliz, 'The Omnichain Fungible Token (OFT) standard allows fan tokens to exist across all supported chains with a unified supply, thereby eliminating the need for wrapped tokens or fragmented liquidity pools.' These digital assets symbolize 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 teams to foster engagement among fans through exclusive rewards and voting rights on minor issues. By expanding into Solana and Base, Chiliz aims to significantly increase token trading volumes before the upcoming FIFA World Cup.
The company already offers tokens for the Argentina and Portugal teams, with more expected to be introduced in June.