Chiliz Chain, a leading blockchain solution for the sports and entertainment industry, has announced that its highly anticipated Dragon8 hard fork went live on June 17, 2024. This significant upgrade will enhance Chiliz Chain’s compatibility, cost efficiency, and token structure.
The highly awaited Dragon8 hard fork on the Chiliz chain went live on June 17th, weeks after its initial failure. The hard fork was expected to significantly enhance the chain’s compatibility, cost efficiency, and token structure.
The Dragon8 hard fork was initially scheduled for May 21, 2024, but the Chiliz Chain team postponed it after encountering issues during implementation. Only one of the two planned hard forks was executed successfully.
The team noted that the delay allowed for a comprehensive review and necessary revisions to ensure the best outcome for users.
The Dragon8 hard fork introduces Tokenomics 2.0 to the Chiliz ecosystem. This includes a planned annual inflation rate for the Chiliz token (CHZ), starting at 8.80% and gradually decreasing to 1.88% over 14 years.
Chiliz has become a household name in the Web3 sports sector, enabling sports and entertainment entities to create and distribute branded fan tokens. These tokens offer digital ownership or membership and grant fans exclusive benefits, voting rights, and participation in various activities related to the team they support.
The hard fork also implements a transaction fee-burning mechanism, balancing rewards and incentives for short-term participation and long-term commitment from network maintainers and users.
Developers on the Chiliz chain now have access to the latest version of Solidity. This update offers new tools and capabilities, simplifying the creation of advanced applications on the Chiliz Chain.
“The hard fork integrates support for type-2 transactions, aligning with EIP-1559 to streamline transaction fee management and improve economic efficiency for developers,” the team said.
EIP-1559 is a significant improvement proposal for the Ethereum network. It focuses on simplifying the fee market and improving the user experience.
Commenting on the successful hard fork, Alexandre Dreyfus said,
“We’re immensely proud to propose Dragon8, a testament to our pursuit of innovation and excellence.”
He added that implementing Tokenomics 2.0 aims to enhance the long-term value and sustainability of the network, ensuring the Chiliz Chain remains the leading blockchain for sports and entertainment.
