Sports-focused blockchain Chiliz is expanding its roster of more than 70 fan tokens to Solana and Base, the layer 2 Ethereum network developed by Coinbase (COIN).
Chiliz deployed its own layer 1 network in 2023 to host the exchange of its tokens, but is in the process of moving to what it calls “omnichain distribution,” according to an announcement on X on 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 the giants of European football like Paris Saint-Germain, Barcelona, Manchester City and Juventus. These teams use tokens to drive engagement from fans who are not in the stadium, giving holders the chance to win exclusive rewards and voting rights on minor matters such as the color of players’ warm-up kit.
Chiliz said he hoped the expansion of Solana and Base would give these tokens a major boost in trading volume ahead of this summer’s FIFA World Cup. Chiliz already offers tokens representing the Argentina and Portugal teams with more expected to be revealed in June.
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