The sports-oriented blockchain platform, Chiliz, is set to broaden its existing portfolio of over 70 fan tokens by integrating with Solana and Base, the layer-2 Ethereum network developed by Coinbase. Initially, Chiliz introduced its own layer-1 network in 2023 to facilitate the trading of its tokens, but it is now adopting an 'omnichain distribution' approach, as announced on X on Tuesday. According to Chiliz, the utilization of an Omnichain Fungible Token (OFT) standard will enable fan tokens to exist on each supported chain with a unified supply, thereby eliminating the need for wrapped tokens or fragmented liquidity pools. Fan tokens serve as digital assets representing community membership, such as a sports team's fan base.
Chiliz has developed over 70 such tokens, including those for prominent European soccer teams like Paris Saint-Germain, Barcelona, Manchester City, and Juventus. These teams leverage tokens to encourage fan engagement by offering exclusive rewards and voting rights on minor issues, such as the color of the players' warm-up kit.
Chiliz aims to significantly boost trading volume for these tokens ahead of the upcoming FIFA World Cup by expanding to Solana and Base. The platform already offers tokens representing the Argentina and Portugal teams, with more expected to be unveiled in June.