Sports-focused blockchain Chiliz expands its roster with over 70 fan tokens for Solana and Base, the Ethereum layer-2 network developed by Coinbase (COIN).
Chiliz rolled out its own layer-1 network in 2023 to host trading of its tokens, but is transitioning to what it calls “omnichain distribution,” according to an announcement on X Tuesday.
“Using an Omnichain Fungible Token (OFT) standard, fan tokens will exist on every supported chain with a unified supply, eliminating the need for wrapped tokens or fragmented liquidity pools,” Chiliz said.
Fan tokens are digital assets that represent membership in a community, such as a sports team’s fan base. Chiliz has developed over 70 such tokens, including tokens for some of Europe’s soccer giants such as Paris Saint-Germain, Barcelona, ​​Manchester City and Juventus. These teams use tokens to cultivate engagement from fans outside the stadium by giving holders the chance to win exclusive rewards and voting rights on minor issues such as the color of players’ warm-up kits.
Chiliz said it hopes the expansion to Solana and Base will give those tokens a bigger trading volume boost ahead of this summer’s FIFA World Cup. Chiliz already offers tokens representing the Argentina and Portugal teams, and more are expected to be unveiled in June.
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