Sports activities-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 personal layer-1 community in 2023 to host the buying and selling of its tokens, however is transitioning to what it calls “omnichain distribution,” in keeping with an announcement on X on Tuesday.
“By utilizing an Omnichain Fungible Token (OFT) commonplace, fan tokens will exist on every supported chain with a unified provide, eliminating the necessity for wrapped tokens or fragmented liquidity swimming pools,” Chiliz mentioned.
Fan tokens are digital belongings that characterize membership of a group equivalent 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 Metropolis and Juventus. These groups use tokens to farm engagement from followers who are usually not within the stadium, by giving holders the prospect to win unique rewards and voting rights on minor points equivalent to the color of the gamers’ warm-up package.
Chiliz mentioned it hopes that enlargement to Solana and Base will give these tokens a serious buying and selling quantity enhance forward of this summer time’s FIFA World Cup. Chiliz already gives tokens representing the Argentina and Portugal groups with extra anticipated to be unveiled in June.
Learn Extra: SportFi’s subsequent act: onchain markets constructed round match-day outcomes