- The Chiliz Dragon8 hard fork intends to keep pace with rivals’ developments.
- The hard fork will bring a range of new features including improved tokenomics.
- CHZ posted a strong 24-hour price performance.
Chiliz debuted on the Ethereum mainnet in 2018, pioneering a way for sports fans to connect with their favorite teams through blockchain technology. The following year, the project expanded its reach by becoming available on Binance Smart Chain (BSC,) which retains Ethereum Virtual Machine (EVM) compatibility while offering lower fees and additional scalability.
In 2023, Chiliz made a bold move by launching its own dedicated blockchain, the Chiliz Chain, as a fork of BSC. This strategic step granted Chiliz greater autonomy and opened up new possibilities. To keep pace with developments on BSC and ETH, the Dragon8 hard fork will be rolled out on the Chiliz Chain.
Chiliz
The Chiliz Dragon8 hard fork is scheduled to roll out on June 17, ushering in a range of new features designed to keep the platform aligned with the latest developments on the BSC and ETH chains.
This major upgrade aims to provide developer-friendliness, enhance long-term incentives for community engagement, and ensure the utility and longevity of the $CHZ token.
One of the most significant aspects of the Dragon8 hard fork is the activation of Solidity version 0.8.25, enabling developers access to features and toolsets already available in the Ethereum ecosystem, including opcodes and precompiles for optimizing efficiency and gas costs.
The Dragon8 hard fork will implement a revamped economic model for the $CHZ token. The new tokenomics feature an annual deinflation rate, starting at 8.80% and stabilizing at 1.88% after 14 years. Complementing this is a transaction fee-burning mechanism, which aims to enhance long-term incentives for community and ecosystem engagement.
Anticipation over the Dragon8 hard fork appears to be fueling investor interest, as evidenced by CHZ’s strong 24-hour performance.
CHZ Records Sizeable Gains
In anticipation of the Dragon8 hard fork, the Chiliz token surged by 6.4% over the past day, positioning it among the top performers within the top 100 tokens. This comes at a time when the broader market is largely flat, suggesting that investors are actively positioning themselves ahead of the upcoming hard fork event.
CHZ began trending higher on May 25, reaching a local top of $0.1647 by May 30. However, this upward trajectory was met with a sharp decline, and it found support at $0.1127 on June 7.
While investor anticipation over Dragon8 saw impressive 24-hour gains, Monday trading sees CHZ ranging in a narrow band between $0.1229 and $0.1279.
On the Flipside
- UK lawmakers accused fan tokens, such as those available on the Chiliz chain, of posing the risk of financial harm to fans
- Many fan tokens have lost significant value, including the FC Barcelona fan token, which is down 97% from its April 2021 ATH of $72.55.
Why This Matters
The Chiliz Dragon8 hard fork represents the platform’s willingness to keep up with industry innovations, ensuring its relevance in the ever-changing blockchain landscape.
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