Sports-focused blockchain Chiliz is expanding its roster of over 70 fan tokens to Solana and Base, the Ethereum layer 2 networks developed by Coinbase (COIN).
Chiliz rolled out its own Layer 1 network in 2023 to host token transactions, but is moving to what the company calls “omnichain distribution,” according to X’s announcement on Tuesday.
“By using the Omnichain Fungible Token (OFT) standard, Fun Tokens exist in a unified supply on each supported chain, eliminating the need for wrapped tokens or fragmented liquidity pools,” Chiles 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 European soccer giants such as Paris Saint-Germain, Barcelona, Manchester City, and Juventus. These teams use tokens to increase fan engagement when they’re not in the stadium by giving holders the chance to vote on trivial issues like the color of a player’s warm-up kit or win exclusive perks.
Chiliz said he expects the expansion into Solana and Base to significantly increase trading volumes for these tokens in the lead-up to this summer’s FIFA World Cup. Chiliz is already offering tokens representing teams in Argentina and Portugal, with more tokens expected to be announced in June.
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