Sports-focused blockchain Chiliz is expanding its roster of more than 70 fan tokens to Solana and Base, the Ethereum Layer 2 network developed by Coinbase (COIN).
Chiliz launched 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 from X on Tuesday.
“By 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 such as Paris Saint-Germain, Barcelona, Manchester City and Juventus. These teams use tokens to encourage participation from fans who are not in the stadium, giving their holders the opportunity to win exclusive rewards and voting rights on minor issues, such as the color of the players’ warm-up uniforms.
Chiliz said he expects the expansion to Solana and Base to give these tokens a significant boost in trading volume ahead of this summer’s FIFA World Cup. Chiliz already offers tokens representing the Argentine and Portuguese teams and more are expected to be revealed in June.
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