Sports activities-focused blockchain Chiliz is increasing its roster of over 70 fan tokens to Solana and Base, the Ethereum layer 2 networks developed by Coinbase (COIN).
Chiliz rolled out its personal Layer 1 community in 2023 to host token transactions, however is transferring to what the corporate calls “omnichain distribution,” in accordance with X’s announcement on Tuesday.
“By utilizing the Omnichain Fungible Token (OFT) commonplace, Enjoyable Tokens exist in a unified provide on every supported chain, eliminating the necessity for wrapped tokens or fragmented liquidity swimming pools,” Chiles stated.
Fan tokens are digital belongings that symbolize membership in a group, comparable to a sports activities workforce’s fan base. Chiliz has developed over 70 such tokens, together with tokens for European soccer giants comparable to Paris Saint-Germain, Barcelona, Manchester Metropolis, and Juventus. These groups use tokens to extend fan engagement once they’re not within the stadium by giving holders the prospect to vote on trivial points like the colour of a participant’s warm-up equipment or win unique perks.
Chiliz stated he expects the growth into Solana and Base to considerably enhance buying and selling volumes for these tokens within the lead-up to this summer time’s FIFA World Cup. Chiliz is already providing tokens representing groups in Argentina and Portugal, with extra tokens anticipated to be introduced in June.
Learn extra: What’s subsequent for SportFi: On-chain market constructed round matchday outcomes
