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).
Chili rolled out its own layer-1 network in 2023 to host the buying and selling of its tokens, however is transitioning to what it calls “omnichain distribution,” according to an announcement on X on Tuesday.
“By utilizing an Omnichain Fungible Token (OFT) normal, 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 symbolize membership of a group similar to a sports activities group’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 will not be within the stadium, by giving holders the possibility to win unique rewards and voting rights on minor points similar to the color of the gamers’ warm-up equipment.
Chiliz mentioned it hopes that enlargement to Solana and Base will give these tokens a significant buying and selling quantity enhance forward of this summer season’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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