The sports-centric Layer 1 blockchain Chiliz has published an update on its unsuccessful Dragon8 hard fork. The hard fork, which had been in preparation for some time, aimed to bring significant changes to the Chiliz Network.
These changes included the introduction of Tokenomics 2.0 and compatibility with other major Ethereum upgrades.
Tokenomics 2.0 features a structured annual inflation rate starting at 8.8% and gradually decreasing to stabilize at 1.88% over 14 years.
According to Chiliz, a crucial aspect of this update will involve a transaction fee-burning mechanism intended to create a balanced incentive system for both network validators and users. Additionally, the hard fork would enable developers to build advanced smart contracts on the Chiliz Chain.
Chiliz was originally set to go live with a hard fork on May 21, 2024. However, due to unforeseen issues during the implementation process, only one of the two planned hard forks was successfully executed.
Alexandre Dreyfus, CEO of Chiliz Chain, highlighted that the problems arose from validators failing to reach a consensus on-chain, possibly stemming from determinism issues in transaction computation.
Despite these challenges, the team is actively working on resolving the issues and remains optimistic about the future.
Following the setback, Chiliz has announced that they will provide a new date for the hard fork once they have completed thorough assessments and are confident in a revised plan.
In the meantime, concerned users can monitor the chain’s progress through the status page link provided by the infrastructure team.
Following the unsuccessful hard fork, despite this setback, Chiliz announced a new collaboration on the 22nd. Chiliz joined forces with South Korean company Naver Pay to broaden its worldwide offerings using Web3 technology.
Through utilizing the Chiliz Fan Token platform, this collaboration aims to create plans for unique ticketing and payment solutions, as well as hosting various fan-focused events.
A few weeks ago, Chiliz also partnered with Azuro, and the two will combine their experiences, Chiliz, its fan engagement solutions, and Azuro’s prediction infrastructure to bring more services and value to users.
