Sports-focused blockchain Chiliz is increasing its roster of over 70 fan tokens to Solana and Base, the Ethereum layer-2 community developed by Coinbase (COIN).
Chiliz rolled out its own layer-1 network in 2023 to host the trading of its tokens, however is transitioning to what it calls “omnichain distribution,” according to an announcement on X on Tuesday.
“By using an Omnichain Fungible Token (OFT) standard, fan tokens will exist on each supported chain with a unified supply, eliminating the need for wrapped tokens or fragmented liquidity pools,” Chiliz stated.
Fan tokens are digital property that signify membership of a neighborhood corresponding to a sports activities staff’s fan base. Chiliz has developed over 70 such tokens, together with tokens for a few of Europe’s soccer giants like Paris Saint-Germain, Barcelona, Manchester City and Juventus. These groups use tokens to farm engagement from followers who are usually not within the stadium, by giving holders the possibility to win unique rewards and voting rights on minor points corresponding to the color of the gamers’ warm-up package.
Chiliz stated it hopes that growth to Solana and Base will give these tokens a significant trading quantity increase forward of this summer time’s FIFA World Cup. Chiliz already affords tokens representing the Argentina and Portugal groups with extra anticipated to be unveiled in June.
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